LIC Employees Salary Hike: The government has approved the 17 percent increase in salary of the employees of Life Insurance Corporation, the largest public sector life insurance company. The decision to increase the salary of LIC employees will be considered effective from August 1, 2022. This decision of the Central Government will provide relief to about 1 lakh employees of LIC and about 30,000 pensioners.
Arrears will be paid for two years
Giving information about this decision on the social media platform, LIC said that the Central Government has given its approval to increase the salary by 17 percent for 1.10 lakh employees from August 1, 2022. Along with this increase, LIC employees will also get two years of salary arrears. The decision to increase the salary of LIC employees will increase the financial burden of Rs 4,000 crore annually. Along with this, the salary expenditure of LIC is also estimated to increase to Rs 29,000 crore.
LIC of India’s Wage Hike News pic.twitter.com/eqWVyAzfnA
— LIC India Forever (@LICIndiaForever) March 15, 2024
Contribution increased in NPS
The Central Government has increased the contribution in NPS i.e. National Pension System for LIC employees from 10 percent to 14 percent, which will be a big benefit to 24000 employees who have joined on April 1, 2010.
Gift to LIC pensioners
The government has also given its approval to give one-time compensation to 30 LIC pensioners. This compensation will be given to LIC pensioners and family pensioners. Life Insurance Corporation of India has thanked the government for the salary increase. Actually,
the election code of conduct will come into effect on Saturday, March 16, 2024, hence before the announcement of election dates, the government has given its approval to increase the salary of LIC employees and give compensation to pensioners. Earlier, the salary hike of 8.50 lakh public sector bank employees has been approved, which was announced on the day of Mahashivratri .
