The Centre has approved wage revision of LIC employees with effect from 01/08/2022, benefiting more than 1,10,000 LIC employees, a press release said on Friday.
Consequent to the hike, LIC's overall increase in the wage bill will be 17%.
The revision incorporates an enhancement in NPS contribution from 10% to 14% for a better future of nearly 24,000 employees who had joined after 01/04/2010.
The revision includes a one-time ex-gratia payment to LIC pensioners as a gesture of appreciation for their valuable contribution to the organization.
This will benefit more than 30,000 pensioners and family pensioners.
The Government had earlier enhanced the quantum of family pension which had benefited more than 21,000 family pensioners.
This holistic revision will have a positive impact on past and present generations of LICians and also make LIC a more attractive employment proposition to the future generation.
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