In this Act, unless the context otherwise requires,--
         (a) "Corporation" means the Life Insurance Corporation of India established under section 3 of the Life Insurance Corporation Act, 1956 (31 of 1956);
         (b) "salary" means basic pay and includes--
             (i) special pay, if any;
             (ii) dearness allowance; and
             (iii) additional dearness allowance;
         (c) "settlements" means,--
             (i) the settlement which was arrived at between the Corporation and their workmen on the 24th day of January, 1974, under section 18, read with clause (p) of section 2, of the Industrial Disputes Act, 1947 (14 of 1947); and
             (ii) the settlement which was arrived at between the Corporation and their workmen on the 6th day of February, 1974, under section 18, read with clause (p) of section 2, of the said Act and in respect of the terms of which there was no approval as provided for in sub-clause (2) of clause 12 thereof.