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After the 4 percent increase in dearness allowance of Central Government employees, now the employees of the country's largest insurance company have also got a pre-election gift. Just before the announcement of the date of Lok Sabha elections, the Central Government has approved to increase the salary of the employees of government insurance company LIC by 17 percent.

Earlier, the government had also made announcements like reducing the price of petrol and diesel by Rs 2 per liter to the common man and giving subsidy on LPG cylinders.

1.10 lakh employees will benefit

More than 1.10 lakh employees of LIC will get the benefit of increasing the salary of the government. With this, the pension of about 30,000 pensioners will also increase. A few days before the increase in the salary of LIC employees, an agreement has also been reached to increase the salary of government bank employees by 17 percent. More than 30,000 LIC pensioners and their families will also get a lump sum gratuity.

This increase in the salary of LIC employees will be effective from August 1, 2022. This means that employees will get huge money as arrears. Whereas earlier this week, the government has implemented the salary increase in public sector bank employees from November 1, 2022.

Contribution to NPS will increase by Rs 24,000

Along with this, the government will also increase the NPS contribution of about 24,000 employees employed in LIC after April 1, 2010. Presently it is 10 percent which has now been increased to 14 percent. Due to this increase in salary and arrears, the burden on LIC will be around Rs 4,000 crore.

When the government recently increased the dearness allowance of government employees by 4 percent, it has increased to 50% of the basic salary of the employees.