Life Insurance Corporation of India (LIC), has announced that the government has approved a 17% wage revision for its staff, effective from August 2022.
As a result of this, the overall hike in the wage bill will be 17% and will benefit over 110,000 LIC employees.
In a statement, the firm said that the revision will positively affect both current and former LIC employees, while also enhancing LIC’s appeal as an employer for future generations. LIC expressed gratitude to the Government of India for this wage revision, which will benefit all LIC employees and their families nationwide.
What does the revision include?
LIC conducts wage revision for its employees every five years.
The revision involves an increase in NPS contribution from 10% to 14% for uplifting the future 24,000 employees who the firm joined after April 1, 2010. Additionally, it includes a one-time ex-gratia payment to LIC pensioners, acknowledging their significant contributions to the organisation, benefiting over 30,000 pensioners and family pensioners. Earlier, the government enhanced the quantum of family pension which has benefited more than 21,000 family pensioners.