PETITION TO SEEK JUSTICE IS BEING FILED SOON. BE A PART OF PETITIONER.....JOIN ROWS..
As authorized by the General Body of the Society in its meeting dated 26 May 2016, ROWS has been actively pursuing the issue of pension disparity faced by post-2006 retiree officers of IOCL. These retirees currently receive only 12–15% of their last drawn salary as pension, compared to the rightful entitlement of 40%, due to the unlawful termination of the erstwhile SABF (Superannuation Benefit Fund) scheme by IOCL.
In 1987, employees of Indian Oil Corporation Limited created a self-contributory Superannuation Benefit Scheme (SABF) by voluntarily surrendering various benefits and allowances. IOCL contributed only ₹100 per year per employee. The scheme ensured continuous funding and provided defined benefits for retirees.
Despite the scheme’s stability, IOCL terminated it in 2011, retroactively effective from 1 January 2007, replacing it with a less beneficial system tied to the recommendations of the 2nd Pay Revision Committee. The new scheme drastically reduced pension benefits, causing financial and emotional distress to retirees.
At the time of termination, the fund’s balance was ₹414.64 crore, indicating it was financially sound. The closure was not mandated by law and undermined the employees’ rights, as the SABF scheme was employee-owned.
The ROWS Society has been formed specifically to seek justice on behalf of these affected officers, advocating for fair pension restoration and dignity in retirement life.
“Together we can — Together we will.”