Good News for LIC Employees; announces 17% wage hike
The government has recently revised the wages of LIC’s working employees to a hike of 17% in their respective salaries.
New Delhi: The employees of Life Insurance Corporation of India (LIC), a well-known insurance company, have received good news as the central government has announced a 17% increase in their salaries. This pay rise covers over 110,000 hardworking personnel who strive every day to serve the statutory insurance body. Furthermore, this decision follows a similar one that resulted in a pay increase for employees in public sector banks, indicating a positive trend in employee remuneration.
Read Also : T. Rabi Sankar re appointed as Deputy Governor of RBILIC has announced that the wage hike for its employees, effective from August 1, 2022. The insurer also stated that the NPS contribution has been increased from 10% to 14% for nearly 24,000 employees who joined after April 1, 2010. LIC expressed its gratitude to the government for the wage revision.
A one-time ex-gratia payment was also made to more than 30,000 LIC pensioners and family pensioners. In a related development, the government has given its approval for a 17% wage hike for bank employees, effective from November 1, 2022.
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