Arrears will be paid for two years
Giving information about this decision on the social media platform, LIC said that the Central Government has given its approval to increase the salary by 17 percent for 1.10 lakh employees from August 1, 2022. Along with this increase, LIC employees will also get two years of salary arrears. The decision to increase the salary of LIC employees will increase the financial burden of Rs 4,000 crore annually. Along with this, the salary expenditure of LIC is also estimated to increase to Rs 29,000 crore.

LIC of India’s Wage Hike News pic.twitter.com/eqWVyAzfnA

— LIC India Forever (@LICIndiaForever) March 15, 2024

Contribution increased in NPS
The Central Government has increased the contribution in NPS i.e. National Pension System for LIC employees from 10 percent to 14 percent, which will be a big benefit to 24000 employees who have joined on April 1, 2010.

Gift to LIC pensioners
The government has also given its approval to give one-time compensation to 30 LIC pensioners. This compensation will be given to LIC pensioners and family pensioners. Life Insurance Corporation of India has thanked the government for the salary increase. Actually,

the election code of conduct will come into effect on Saturday, March 16, 2024, hence before the announcement of election dates, the government has given its approval to increase the salary of LIC employees and give compensation to pensioners. Earlier, the salary hike of 8.50 lakh public sector bank employees has been approved, which was announced on the day of Mahashivratri .

The post LIC Employees Salary Hike : Government gave a big gift to more than one lakh LIC employees, approved 17% salary increase. first appeared on Rightsofemployees.com.

There is great news for LIC employees. Modi government has approved 17% increase in the basic salary of LIC employees. This will directly benefit about 1 lakh employees and about 30,000 pensioners.

According to the report, this increase, effective from August, will cost the company Rs 4,000 crore annually. On March 15, LIC shares closed down 3.4 per cent at Rs 926 on the BSE.

DA has been increased by 4%

Let us tell you that this increase has come after the recent increase in Dearness Allowance (DA) by 50 percent by the government. Dearness allowance of central government employees has increased by 4%. Let us tell you that according to the recommendations of the 7th Pay Commission,

with this increase, there is sure to be an increase in the take-home salary package of the central government employees. According to the recommendations of the Seventh Pay Commission, cities have been divided into three categories for HRA increase. These categories are- X,Y & Z.

If an X category employee lives in cities/towns, his HRA will increase to 30 percent. Similarly, the HRA rate for Y category will be 20 percent and for Z category it will be 10 percent. Currently, employees living in cities/towns X, Y & Z get 27, 18 and 9 percent HRA respectively.

December quarter results

Last month, LIC reported a 49 per cent rise in net profit to Rs 9,444 crore for the third quarter ending December 2023 (Q3FY24). The country’s largest insurance company had reported a net profit of Rs 6,334 crore in the same period a year ago. Its net premium income increased to Rs 1,17,017 crore in the third quarter of the current financial year, from Rs 1,11,788 crore in the same period a year ago.

The post Modi government’s big gift to lakhs of employees! After DA, now basic salary has increased by 17% first appeared on Rightsofemployees.com.