Additional Contribution made by LIC toward increse in Family Pension

The financial highlights of LIC  as at 31/12/2023 as published in the LIC web site contain the following  relating to additional contribution towards increased family pension from 11/9/2023:

"5.2 Note No. 7 regarding additional contribution of Rs. 11,95,952 lakhs is estimated towards increase in family pension due to amendment in LIC(Employees) Pension Rules out of which, the Corporation had already provided for an amount of Rs. 2,67,915 lakhs during the quarter ended September 30, 2023. Pursuant to the approval received by the Corporation during the quarter ended December 3 l, 2023, the remaining liability of Rs. 9,28,037 lakhs is to be amortised over 20 quarters beginning from Q3 FY 2023-24 which works out to Rs. 46,402 lakhs per quarter. Accordingly, an amount of Rs. 46,402 lakhs has been charged to Revenue Account for the quarter ended December 31, 2023 and the balance amount of Rs. 8,81,635 lakhs shall be amortised over the next 19 quarters upto Q2 FY 2028-29."

In other words, the total additional contribution works out to Rs 11959.52 Cr . Rs 2679.15 Cr have been provided for   in Q2 2023-24 and the balance  of Rs 9280.37 Cr  will be amortized over 20 quarters by Rs 464.02 Cr each.

Accordingly , I have prepared  a tabulated statement which is attached.

C H Mahadevan

https://docs.google.com/document/d/1G9idReJC1Li0i0WWMyBEYHA0wP8QJr17/edit?usp=drivesdk&ouid=116293091010820917557&rtpof=true&sd=true