LIC Employees Salary Hike : Government gave a big gift to more than one lakh LIC employees, approved 17% salary increase.

LIC Employees Salary Hike: The authorities has approved the 17 p.c enhance in salary of the workers of Life Insurance Corporation, the most important public sector life insurance coverage firm. The choice to enhance the salary of LIC staff will probably be thought of efficient from August 1, 2022. This choice of the Central Government will present reduction to about 1 lakh staff of LIC and about 30,000 pensioners.

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Arrears will probably be paid for 2 years
Giving details about this choice on the social media platform, LIC stated that the Central Government has given its approval to enhance the salary by 17 p.c for 1.10 lakh staff from August 1, 2022. Along with this enhance, LIC staff can even get two years of salary arrears. The choice to enhance the salary of LIC staff will enhance the monetary burden of Rs 4,000 crore yearly. Along with this, the salary expenditure of LIC can be estimated to enhance to Rs 29,000 crore.

LIC of India’s Wage Hike News pic.twitter.com/eqWVyAzfnA

— LIC India Forever (@LICIndiaForever) March 15, 2024

Contribution elevated in NPS
The Central Government has elevated the contribution in NPS i.e. National Pension System for LIC staff from 10 p.c to 14 p.c, which will probably be a big profit to 24000 staff who’ve joined on April 1, 2010.

Gift to LIC pensioners
The authorities has additionally given its approval to give one-time compensation to 30 LIC pensioners. This compensation will probably be given to LIC pensioners and household pensioners. Life Insurance Corporation of India has thanked the federal government for the salary enhance. Actually,

the election code of conduct will come into impact on Saturday, March 16, 2024, therefore earlier than the announcement of election dates, the federal government has given its approval to enhance the salary of LIC staff and provides compensation to pensioners. Earlier, the salary hike of 8.50 lakh public sector financial institution staff has been approved, which was introduced on the day of Mahashivratri .

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