The Centre has given its approval for insurance behemoth LIC of India to effect a wage increase for its employees from August 1, 2022. The overall hike for the employees stands at 17 per cent.
This will benefit more than 1,10,000 LIC employees. The revision incorporates an enhancement in NPS contribution from 10 per cent to 14 per cent for a better future of nearly 24,000 employees who had joined after April 1, 2010.
Holistic revision
The revision includes a one-time ex-gratia payment to LIC pensioners as a gesture of appreciation of their valuable contribution to the organisation. This will benefit more than 30,000 pensioners and family pensioners. The government had earlier enhanced quantum of family pension which had benefited more than 21,000 family pensioners.
This holistic revision would have a positive impact on past and present generation of LICians and also make LIC a more attractive employment proposition to the future generation, according to a LIC statement.
LIC undertakes wage revision exercise for its employees once in every five years.