In a good news for 1.10 Lakh LIC employees, the Center has announced a salary hike of 17 percent.
New Delhi: The employees of the renowned insurance company, Life Insurance Corporation of India (LIC), have a reason to celebrate as the central government has announced a huge increase of 17% in their salaries. This encompasses over 110,000 jolly personnel who are working day in and day out for the statutory insurance body. Interestingly, this approval trails a closely related decision that saw the pay of employees in public sector banks rise, indicating a positive trend in remuneration.
Wage Hike For LIC Employees
The wage hike for LIC employees is effective August 1, 2022, the insurer said. The NPS contribution is enhanced from 10 per cent to 14 per cent 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 per cent wage hike for bank employees effective November 1, 2022.
Chhattisgarh Govt Hikes DA of State Employees
Ahead of the upcoming Lok Sabha elections, Chhattisgarh Chief Minister Vishnu Deo Sai made several announcements on Friday, including a four per cent hike in the Dearness Allowance (DA) for state government employees.
Addressing a press conference here, Sai also announced the formation of a five-member committee to address the demands and grievances of contractual and other state government employees.
“We have decided to increase the DA by four per cent under the Seventh Pay Commission for state government employees and also to hike the Dearness Relief (DR) for pensioners by four per cent,” he said.
The decision will benefit around 3.90 lakh state government employees and 1.20 lakh pensioners. The hike will be effective from March 1 this year, Sai added. With this increase, the DA under the Seventh Pay Commission will reach 46 per cent, and 230 per cent under the Sixth Pay Commission. The hike will put an additional burden of Rs 816 crore per annum on the exchequer, officials said.
The decision will benefit around 3.90 lakh state government employees and 1.20 lakh pensioners. The hike will be effective from March 1 this year, Sai added. With this increase, the DA under the Seventh Pay Commission will reach 46 per cent, and 230 per cent under the Sixth Pay Commission. The hike will put an additional burden of Rs 816 crore per year on the exchequer, officials said.
(With inputs from agencies)