LIC employees granted 17% wage hike by Government, effective August 2022

The Life Insurance Corporation of India (LIC) announced on March 15 that it has received approval from the Government for a wage revision for its employees, effective from August 1, 2022. In a press release issued by LIC, it has said that the government has given its nod to a 17% increase in the wage bill.

This announcement benefits over 110,000 employees across the organization, LIC stated. The contribution to the National Pension System (NPS) has been raised from 10% to 14% for nearly 24,000 employees who joined LIC after April 1, 2010. Additionally, a one-time ex-gratia payment has been disbursed to more than 30,000 LIC pensioners and family pensioners.

“The Govt. of India has approved 17% overall hike in wage bill w.e.f. 01/08/2022 & shall benefit more than 1.10 Lakh LIC Employees. NPS contribution is enhanced from 10% to 14% of nearly 24,000 employees who joined after 01/04/2010. One-time ex-gratia payment to LIC Pensioners also made to more than 30,000 pensioners & family pensioners. LIC of India thanks the Government of India for this wage revision,” LIC said in its press release.

Earlier, CNBC-TV18 reported citing its sources, that more than 1 lakh employees of LIC will see a 16% increase in their base pay starting August 2022, and when allowances are taken into account, the total wage rise could go up to 22%.