Section 3
Modification of settlements.
The Life Insurance Corporation (Modification of Settlements) Act, 1976
About this Act
An Act to provide for the modification of the settlements arrived at between the Life Insurance Corporation of India and their workmen.
Notwithstanding anything contained in the Industrial Disputes Act,
1947 (14 of 1947),the provisions of each of the settlements, in so far as they relate to the payment of an
annual cash bonus to every Class III and Class IV employee of the Corporation at the rate of fifteen per
cent. of his annual salary, shall not have any force or effect and shall not be deemed to have had any force
or effect on and from the 1st day of April, 1975.