Diwali before Holi for one lakh LIC employees!
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LIC: A week before Holi, more than one lakh employees and thirty thousand pensioners of Life Insurance Corporation of India (LIC) have been given a big gift by the Central Government. The government has approved a 17 percent increase in the salaries of employees. This approval on salary hike for LIC employees comes a few days after a similar increase was approved for public sector bank employees. The country’s largest insurance company said that this decision of salary increase for LIC employees is effective from August 1, 2022. Lump sum ex-gratia payment has also been made to LIC pensioners and family pensioners. Earlier this week, the government had agreed to a 17 percent salary increase for public sector bank employees from November 1, 2022.
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Arrears will be paid for two years
The salary increase of LIC employees has been approved by the government since last two years. In such a situation, along with the employees, pensioners will also get money in the form of arrears from two years back date. Increasing the salary of employees will increase the financial burden on salaries by Rs 4,000 crore annually. After this, Rs 29 thousand crore will be spent by LIC as annual salary. With this, the NPS contribution of about 24,000 employees who joined LIC after April 1, 2010, has been increased from 10 percent to 14 percent.
The government took the decision before the implementation of the code of conduct.
This gift has been given by the Central Government to LIC employees, a day before the implementation of the code of conduct for the Lok Sabha elections in the country. Earlier, the Central Government had given gifts to about 8.50 lakh bank employees of the country on the day of Mahashivratri. ,with language input,
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