A one-time ex-gratia fee to LIC pensioners, as a gesture of appreciation of their contribution to the organisation, additionally types a part of the revision.
| Photo Credit: SINGAM VENKATARAMANA
The Centre has authorized wage revision of LIC staff with impact from August 1, 2022, a choice that may end in a 17% enhance in wage invoice of the State-owned insurance coverage main.
More than 1.10 lakh LIC staff will profit from the revision that includes an enhancement in NPS contribution from 10-14% “for a better future” of almost 24,000 staff who had joined after April 1, 2010, LIC stated on Friday.
A one-time ex-gratia fee to LIC pensioners, as a gesture of appreciation of their contribution to the organisation, additionally types a part of the revision. This will profit greater than 30,000 pensioners and household pensioners. The quantum of household pension was earlier enhanced by the federal government, which benefited greater than 21,000 household pensioners.
LIC stated it undertakes a wage revision train as soon as each 5 years. Describing the most recent revision as holistic, the insurer stated it would have a constructive affect on previous and current technology of LICians and in addition make LIC a extra engaging employment proposition to the long run technology.
