This benefit is applicable to those who have joined any of the public sector insurance companies (PSICs) on or before June 28, 1995.
In a big bonanza to over 42,000 employees of public sector insurance companies, the government on March 2 decided to give one more pension option as retirement benefit to these left over officers and staff who missed the opportunity in the past.
This benefit is applicable to those who have joined any of the Public Sector Insurance Companies (PSICs) on or before June 28, 1995.
"Govt. approves one more pension option for left over employees of Public Sector Insurance Companies who joined on or before 28.06.1995. To benefit 42720 employees including 10720 senior citizens," Finance Minister Arun Jaitley said in a tweet.
These employees had opted for contributory provident fund instead of pension option.
Of the total beneficiaries, 24,595 are of LIC and 18,125 of five general insurance companies -- GIC, New India Assurance Company Ltd, National Insurance Company Ltd, Oriental Insurance Co Ltd, United India Insurance Co Ltd, an official statement said.
"In order to mitigate the hardship of such employees of whom many have retired, Government has decided, as a welfare measure, to allow one more opportunity to employees of PSICs who joined service on or before June 28, 1995, to opt for the Pension scheme of their respective organizations, in lieu of Contributory Provident Fund," Financial Services Secretary Rajiv Kumar said.
Pension was introduced as a retirement benefit in PSICs with effect from June 1995, it said.In April 1997, employees of LIC and general insurance companies namely GIC, New India Assurance Company Ltd, National Insurance Company Ltd, Oriental Insurance Co Ltd, United India Insurance Co Ltd, who joined service on or before 28 June 1995 were given another opportunity to opt for Pension as a retirement benefit.Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.