There’s news about the Lok Sabha elections that might come out this Saturday. All the political parties are getting ready for these big elections.
The government, both at the central and state levels, has announced some plans to attract more people.
These plans cover things like raising salaries, increasing living allowances, and setting up committees to listen to contract workers.
Let’s see how these changes are helping workers and retirees.
Salary Increase for Bank and LIC Employees
The government decided to increase the salaries of bank employees during the Mahashivratri festival.
This decision benefits around 8.5 lakh employees and officers in public sector banks. Their salaries will go up by 17 percent, effective from November 2022.
This means they’ll also get extra pay for past months. Additionally, the government raised the salaries of around 1 lakh employees and 30 thousand retirees of the Life Insurance Corporation (LIC) by 17 percent.
This change took effect from August 1, 2022. Moreover, the government increased the contribution to the National Pension System (NPS) for LIC employees from 10 percent to 14 percent, especially benefiting around 24 thousand employees who joined on April 1, 2010.
Dearness Allowance (DA) Increase in Many States
As a Holi gift, the central government increased the DA for all its employees.
Following this, many states like Uttar Pradesh, Karnataka, Assam, Haryana, Rajasthan, Madhya Pradesh, Chhattisgarh, Tamil Nadu, and Uttarakhand also raised the DA by 4 percent for government employees and retirees.
This increase applies to everyone in these states, benefiting thousands of employees and retirees.
This decision not only means higher monthly payments but also extra pay for previous months.
