Center Announces Huge Salary Hike for 1.10 Lakh LIC Employee; View the details here
Good news for 1.10 Lakh LIC employees is that the Center has announced a 17 percent salary hike.
New Delhi: The employees of renowned insurance company Life Insurance Corporation of India (LIC) have a reason to celebrate as the central government has announced a massive 17% wage hike. This includes more than 110,000 cheerful employees who work for the statutory insurance institution day in, day out. Interestingly, this approval follows a closely related decision where wages of employees at public sector banks have increased, indicating a positive trend in compensation.
Wage hike for LIC employees
The pay increase for LIC employees will come into effect from August 1, 2022, the insurer said. The NPS contribution will be increased from 10 percent to 14 percent of the nearly 24,000 employees who joined after April 1, 2010, the company said, while thanking the government for the wage revision.
A one-time ex-gratia payment to LIC pensioners was also made to over 30,000 pensioners and family pensioners, the report said. Earlier this week, the government had raised no objections to a 17 percent pay increase for bank employees from November 1, 2022.
Chhattisgarh Govt increases DA of state employees
Ahead of the upcoming Lok Sabha elections, Chhattisgarh Chief Minister Vishnu Deo Sai on Friday made several announcements, including a four percent hike in Dearness Allowance (DA) for state government employees.
At a press conference here, Sai also announced the formation of a five-member committee to address the demands and grievances of contractual and other government officials.
“We have decided to increase DA by four percent under the Seventh Pay Commission for state government employees and also increase Dearness Relief (DR) for pensioners by four percent,” he said.
The decision will benefit around 3.90 lakh state government employees and 1.20 lakh pensioners. The increase will be effective from March 1 this year, Sai added. With this increase, the DA under the Seventh Pay Commission will reach 46 percent, and 230 percent under the Sixth Pay Commission. The increase will impose an additional burden of Rs 816 crore per year on the exchequer, officials said.
The decision will benefit around 3.90 lakh state government employees and 1.20 lakh pensioners. The increase will be effective from March 1 this year, Sai added. With this increase, the DA under the Seventh Pay Commission will reach 46 percent, and 230 percent under the Sixth Pay Commission. The increase will impose an additional burden of Rs 816 crore per year on the exchequer, officials said.
(With input from agencies)