Govt Approves 17% Wage Hike For Life Insurance Corporation Employees

Life Insurance Corporation of India (LIC) made an announcement on Friday regarding the approval of a 17 per cent wage revision for its employees, effective from August 2022.

In a press release issued by LIC, it was stated, "The Government of India has sanctioned the wage revision of LIC employees, effective from 1 August 2022. This revision will result in an overall increase of 17 per cent in the wage bill, benefiting over 110,000 LIC employees."

LIC conducts wage revision exercises for its employees once every five years. This revision also entails an enhancement in the National Pension System (NPS) contribution to 14 per cent from the previous 10 per cent for around 24,000 employees who joined after 1 April 2010.

Additionally, the revision includes a one-time ex-gratia payment to LIC pensioners, which is expected to benefit more than 30,000 pensioners and family pensioners. Earlier, the Government had increased the quantum of family pension, benefiting over 21,000 family pensioners.