law: Life Insurance Corporation Act, 1956 
  11. Transfer of
  
  service of existing employees of insurers to the Corporation.- 
  1.     
  
    Every
  
  whole-time employee of an insurer whose controlled business has been
  
  transferred to and vested in the Corporation and who was employed by the
  
  insurer wholly or mainly in connection with his controlled business immediately
  
  before the appointed day shall, on and from the appointed day, become an
  
  employee of the Corporation, and shall hold his office therein by the same
  
  tenure, at the same remuneration and upon the same terms and conditions and
  
  with the same rights and privileges as to pension and gratuity and other
  
  matters as he would have held the same on the appointed day if this Act had not
  
  been passed, and shall continue to do so unless and until his employment in the
  
  Corporation is terminated or until his remuneration terms and conditions are
  
  duly altered by the Corporation:
  Provided that nothing
  
  contained in this sub-section shall apply to any such employee who has, by
  
  notice in writing given to the Central Government prior to the appointed day,
  
  intimated his intention of not becoming an employee of the Corporation
  1.     
  
  
  2.     
  
    Notwithstanding
  
  anything contained in sub-section (1) or in any contract of service, the
  
  Central Government may, for the purpose of relationship the pay scales of
  
  employees of insurers whose controlled business has been transferred to and
  
  vested in it or for the purpose of reducing the remuneration payable to
  
  employees in cases where in the interest of the Corporation and its
  
  policy-holders a reduction is called for, alter the terms of service of the
  
  employees as to their remuneration in such manner as it thinks fit; and if the
  
  alteration is not acceptable to any employee the Corporation may terminate his
  
  employment on giving him compensation equivalent to three months ' remuneration
  
  unless the contract of service with such employee provides for a shorter notice
  
  of termination.
  Explanation.—  The compensation
  
  payable to an employee under this sub-section shall be in addition to and shall
  
  not affect any pension, gratuity provident fund money or any other benefit to
  
  which the employee may be entitled under this contract of service.
  1.     
  
  
  2.     
  
  
  3.     
  
    If
  
  any question arises as to whether any person was a whole time employee of an
  
  insurer or as to whether any employee was employed wholly or mainly in
  
  connection with the controlled business of an insurer immediately before the
  
  appointed day the question shall be referred to the Central Government whose
  
  decision shall be final.
  4.     
  
    Notwithstanding
  
  anything contained in the Industrial Disputes Act, 1947 (14 of 1947), or in any
  
  other law for the time being in force, the transfer of the services of any
  
  employee of an insurer to the Corporation shall not entitle any such employee
  
  to any compensation under that Act or other law, and to such claim shall be
  
  entertained by any court, tribunal or other authority.