LIC Salary Hike News- The decision to increase the salary of LIC employees will increase the financial burden by Rs 4,000 crore annually. Along with this, the salary expenditure of LIC is also estimated to increase to Rs 29,000 crore.
LIC Employees Salary Hike: The Central Government has increased the salary of Life Insurance Corporation of India (LIC) employees by 17 percent. This decision of the government will benefit 1 lakh employees and around 30,000 pensioners. This decision to increase the salary will be considered effective from August 1, 2022. LIC has informed about this decision by sharing a post on social media platform X.
The decision to increase the salary of LIC employees will increase the financial burden by Rs 4,000 crore annually. Along with this, the salary expenditure of LIC is also estimated to increase to Rs 29,000 crore. The election code of conduct will come into force today i.e. Saturday, March 16, 2024. Therefore, before the announcement of election dates, the government has given its approval to increase the salary of LIC employees and give compensation to pensioners.
Arrears will also be available
Giving information about this decision on Express, LIC said that the Central Government has given its approval to increase the salary by 17 percent for 1.10 lakh employees from August 1, 2022. Along with this increase, LIC employees will also get arrears of two years’ salary. Not only this, Modi government has also increased the contribution in NPS i.e. National Pension System for LIC employees from 10 percent to 14 percent. This decision of the government will benefit 24000 employees who had joined LIC on April 1, 2010.
Pensioners will get compensation
The government has also approved giving one-time compensation to 30 LIC pensioners. This compensation will be given to LIC pensioners and family pensioners. Life Insurance Corporation of India has thanked the government for the salary increase. Before this, the salary hike of 8.50 lakh public sector bank employees has been approved, which was announced on March 8.
The current 11th salary agreement of government bank employees had ended on November 1, 2022. Since then, talks were going on between the unions and the IBA to reach a consensus on the salary increase.
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