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Government Approves 17% Wage Hike For 1.10 Lakh Employees Of LIC

The wage hike approval has come days after the government cleared a similar raise for the employees of public sector banks.

PTI

LIC building. (Source: Vijay Sartape/NDTV Profit)

The government has approved a 17% overall hike in wages for more than 1.10 lakh employees of insurance giant Life Insurance Corp.

The wage hike approval has come days after the government cleared a similar raise for the employees of public sector banks.

The wage hike for LIC employees is effective from August 1, 2022, the insurer said.

NPS contribution is enhanced from 10% to 14% of nearly 24,000 employees who joined after April 1, 2010, it said while thanking the government for the wage revision.

A one-time ex-gratia payment to LIC pensioners was also made to more than 30,000 pensioners and family pensioners, it said.

Earlier this week, the government had given no objection to a 17% wage hike for bank employees effective Nov. 1, 2022.

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