New Delhi: Forward of the Loksabha elections and the Holi, the federal government has introduced excellent news for LIC staff. Efficient August 2022, Life Insurance coverage Company of India personnel are set to obtain a 17 p.c wage hike. The choice comes after a DA hike for central and lots of state staff.
Quantity Of Workers That Can Be Benefited
As per the studies, over 110,000 staff throughout the nation have benefited from the announcement of a wage hike. (Additionally Learn: Pageant Bonanza For State Workers Forward Of Holi! Madhya Pradesh Govt Proclaims 4% DA Hike)
LIC’s Assertion
“The adjustments imply that almost 24,000 staff who joined after April 1, 2010, will see their NPS contributions rise from 10 p.c to 14 p.c. Additionally, LIC pensioners will obtain a one-time additional cost to point out gratitude for his or her exhausting work, benefiting over 30,000 pensioners and their households. The federal government had already elevated household pensions, serving to greater than 21,000 households, the official assertion reads.” (Additionally Learn: Alternative To Make investments In These SBI Larger Charges FD To Shut On March 31: Examine Curiosity Charges, Tenures & Extra)
The insurer additional stated “This whole revision will profit each present and former LIC staff, and it’ll additionally make LIC a extra interesting place to work for future generations. LIC appreciates the Authorities of India for approving this wage enhance, which is able to assist all LIC staff and their households all through the nation.”
Wage Revisions At LIC
LIC, as a routine apply, conducts wage revisions for its staff each 5 years.
NPS Contribution
Other than the wage hike, the announcement incorporates many revisions. One of many key parts is a rise within the Nationwide Pension System contribution from 10 p.c to 14 p.c.
NPS Contribution Enhance
The alterations in NPS contribution are primarily for about 24,000 staff who joined the group after April 1, 2010.
One-time Ex-Gratia Cost
The wage revision entails a one-time ex-gratia cost for LIC pensioners. This gesture of appreciation will profit over 30,000 pensioners and household pensioners.
