 "Life Insurance Corporation")
The state-owned insurer, Life Insurance Corporation of India (LIC), on Friday, announced that the government has approved a 17 per cent wage revision for its employees, effective from August 2022.
“The Government of India has approved, with effect from August 1, 2022, the wage revision of LIC employees. As a result, the overall hike in the wage bill shall be 17 per cent. This will benefit more than 110,000 LIC employees,” stated a press release by LIC.
LIC undertakes wage revision exercises for its employees once every five years. The revision includes an increase in the National Pension System (NPS) contribution to 14 per cent from 10 per cent for nearly 24,000 employees who joined after April 1, 2010.
The revision also includes a one-time ex-gratia payment to LIC pensioners, which will benefit more than 30,000 pensioners and family pensioners. The Government had earlier enhanced the quantum of family pension, benefiting more than 21,000 family pensioners.
