November 23, 2024 05:15 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
'Third World War has begun:' Ex-Ukraine military commander-in-chief Valery Zaluzhny | UK-India Free Trade Agreement negotiations to resume in early 2024 | UK can arrest Benjamin Netanyahu if he visits country based on ICC warrant | Centre to send over 10,000 additional soldiers to violence-hit Manipur amid fresh violence | Chhattisgarh: 10 Maoists killed during encounter with security forces in Sukma
2019 elections sop: Govt announces pension for PSIC employees

2019 elections sop: Govt announces pension for PSIC employees

| @indiablooms | 02 Mar 2019, 02:05 pm

New Delhi, Mar 2 (UNI) With an eye on 2019 General elections, the Government on Saturday announced another sop for employees of Public Sector Insurance Companies, giving them one more opportunity to opt for pension after retirement.

“In order to mitigate the hardship of such employees of whom many have retired, Government has decided as a welfare measure, to allow one more opportunity to employees of PSICs who joined service on or before 28 June 1995, to opt for the pension scheme of their respective organisations, in lieu of Contributory Provident Fund,” the Finance Ministry said in a statement here.

This decision is expected to benefit 42,720 employees (serving and retired) of which 24,595 are of LIC and 18,125 of PSGICs.

The pension mechanism was introduced as a retirement benefit in PSICs with effect from June 28, 1995.

In April 1997, employees of LIC and Public Sector General Insurance Companies namely, GIC, NICL, OICL, UIICL and NIACL, who joined service on or before 28 June 1995 were given another opportunity to opt for pension, as a retirement benefit.

However, many eligible employees could not exercise the option and there has been a long standing demand from them to get another option.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.