New Delhi: Ahead of the Lok Sabha elections and Holi, the Central Government has brought good news for LIC employees. Effective August 2022, Life Insurance Corporation of India personnel are set to receive a 17 percent wage hike. The decision comes after a DA hike for Central and many State employees.
As per the reports, over 110,000 employees across the nation have benefited from the announcement of a wage hike.
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“The changes mean that nearly 24,000 employees who joined after April 1, 2010, will see their National Pension System (NPS) contributions rise from 10 percent to 14 percent. Also, LIC pensioners will receive a one-time extra payment to show gratitude for their hard work, benefiting over 30,000 pensioners and their families. The government had already increased family pensions, helping more than 21,000 families,” the official statement reads.
The insurer further said “This complete revision will benefit both current and former LIC employees, and it will also make LIC a more appealing place to work for future generations. LIC appreciates the Government of India for approving this wage increase, which will help all LIC employees and their families throughout the nation.”
LIC, as a routine practice, conducts wage revisions for its employees every five years.
Apart from the wage hike, the announcement incorporates many revisions. One of the key components is an increase in the National Pension System contribution from 10 percent to 14 percent.
The alterations in NPS contribution are mainly for approximately 24,000 employees who joined the organization after April 1, 2010.
One-time ex-gratia payment
The wage revision entails a one-time ex-gratia payment for LIC pensioners. This gesture of appreciation will benefit over 30,000 pensioners and family pensioners.
