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The wage revision would see an annual implication of around Rs 4,000 crore, taking LIC’s overall wage bill per year to about Rs 29,000 crore.
India Business News: The finance ministry has announced measures that will benefit LIC employees and agents. They include an increase in the gratuity limit from Rs 3 lakh
Good News! Employees LIC agents, The government has increased the gratuity limit and announced a 30% uniform rate of family pension for over 13 lakh agents and over 1 lakh regular employees and more at news18.com
The Indian government has approved welfare measures for over 1.3 million agents and 100,000 employees of state-run Life Insurance Corporation (LIC). The measures include increasing the gratuity limit for LIC agents from ₹3 lakh to ₹5 lakh, expanding the term insurance cover for agents, and making reappointed agents eligible for renewal commission.
The Ministry of Finance today approved a series of welfare measures for the benefit of Life Insurance Corporation of India (LIC) agents and employees. The welfare measures are related to the amendments to LIC (Agents) Regulations, 2017, Enhancement of Gratuity Limit, and Uniform Rate of Family Pension among others. The following welfare measures w.r.t. LIC…