LIC hikes employee salaries; to benefit 1,10,000 workers
The Centre has approved wage revision of LIC employees with effect from 01/08/2022, benefiting more than 1,10,000 LIC employees, a press release said on Friday.
Consequent to the hike, LIC's overall increase in the wage bill will be 17%.
The revision incorporates an enhancement in NPS contribution from 10% to 14% for a better future of nearly 24,000 employees who had joined after 01/04/2010.
The revision includes a one-time ex-gratia payment to LIC pensioners as a gesture of appreciation for their valuable contribution to the organization.
This will benefit more than 30,000 pensioners and family pensioners.
The Government had earlier enhanced the quantum of family pension which had benefited more than 21,000 family pensioners.
This holistic revision will have a positive impact on past and present generations of LICians and also make LIC a more attractive employment proposition to the future generation.
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.
