LIC Employees Get 17% Pay Raise.?

Sindujaa D N
The government has sanctioned a notable 17 percent salary increase for employees of the life insurance corporation (LIC), the largest public sector life insurance company. Effective from august 1, 2022, this decision will provide relief to approximately 1 lakh employees and around 30,000 pensioners associated with LIC.

In addition to the salary hike, lic employees will receive arrears for two years, as confirmed by lic through their social media platform. This move, approved by the Central government, is estimated to incur an annual financial burden of Rs 4,000 crore, with LIC's total salary expenditure expected to rise to Rs 29,000 crore.


Moreover, the government has enhanced the contribution in the National Pension System (NPS) for lic employees from 10 percent to 14 percent. This adjustment will notably benefit 24,000 employees who joined on or after april 1, 2010.


Furthermore, the government has approved a one-time compensation for 30 lic pensioners and family pensioners, signaling its recognition of their service. lic has expressed gratitude to the government for this salary hike and additional benefits.


It's noteworthy that this decision comes ahead of the enforcement of the election code of conduct on march 16, 2024. By approving these measures before the announcement of election dates, the government has demonstrated its commitment to addressing the needs of lic employees and pensioners. Previously, a salary increase for 8.50 lakh public sector bank employees was also announced on the auspicious occasion of Mahashivratri.

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