The Centre has approved wage revision of LIC employees with effect from August 1, 2022, a decision that will result in a 17% increase in wage bill of the State-owned insurance major.
More than 1.10 lakh LIC employees will benefit from the revision that incorporates an enhancement in NPS contribution from 10-14% “for a better future” of nearly 24,000 employees who had joined after April 1, 2010, LIC said on Friday.
A one-time ex-gratia payment to LIC pensioners, as a gesture of appreciation of their contribution to the organisation, also forms part of the revision. This will benefit more than 30,000 pensioners and family pensioners. The quantum of family pension was earlier enhanced by the government, which benefited more than 21,000 family pensioners.
LIC said it undertakes a wage revision exercise once every five years. Describing the latest revision as holistic, the insurer said it will have a positive impact on past and present generation of LICians and also make LIC a more attractive employment proposition to the future generation.
