Before Holi, the largest life insurance company in the country, Life Insurance Corporation of India (LIC), has given a significant gift to 1.10 lakh of its employees.
LIC announced an increase in the salaries of its employees. As per the insurance company’s information, the government has approved a 17% salary increase for over 1.10 lakh LIC employees.
The approval for the salary increase of LIC employees comes shortly after a similar approval for public sector bank (PSB) employees.
LIC mentioned that this salary increase for its employees will be effective from August 1, 2022.
LIC of India's Wage Hike News pic.twitter.com/eqWVyAzfnA
— LIC India Forever (@LICIndiaForever) March 15, 2024
NPS contribution has also been increased by 4 percent
This change means that approximately 24,000 employees who joined the insurance company after April 1, 2010, now have their NPS contribution increased from 10% to 14%.
More than 30,000 pensioners and family pensioners of the country’s largest insurance company have also received a one-time ex-gratia payment.
Increase in the salary of government bank employees
Government bank employees across the country have recently received a significant gift—a 17% annual increase in salaries for officers and employees of public sector banks.
Around 8 lakh bank employees will benefit from this decision, which will take effect from November 2022.
The Indian Banks Association (IBA) and bank employee organizations agreed on an annual salary increase of 17% on Friday,
March 8. This decision will result in an additional burden of Rs 8,284 crore annually on public sector banks.
