Revision of salaries and allowances of the employees of LIC

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

LOK SABHA

UNSTARRED QUESTION NO: 1862

ANSWERED ON: 29.12.2017

Revision of Pension by LIC

R. GOPALAKRISHNAN

Will the Minister of FINANCE be pleased to state:-

(a) whether the salaries and allowances of the employees of the Life Insurance Corporation of India (LIC) are revised periodically; 

(b) if so, the details thereof and if not, the reasons therefor; 

(c) whether the pension of the pensioners of LIC are also revised periodically accordingly and periodically as that of the Central Government employees; 

(d) if so, the details thereof and if not, the reasons therefor; and 

(e) the steps/measures being taken by the Government to revise the pension of the LIC pensioners as and when the salaries of the serving employees of LIC are revised?

ANSWER

Minister of State in the Ministry of Finance

(a) to (e): Revision of scales of pay of the employees of Life Insurance Corporation of India (LIC) is carried out periodically i.e. every five years. Pension of the pensioners of LIC has two components – Basic Pension and Dearness Relief. Dearness Relief gets revised every six months.

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