LIC Wage Revision 2020 Demands - Retirement Benefits & Pension

LIC Wage Revision 2020 charter of demands for Pensioners & retirement benefits. 

PROVIDENT FUND / PENSION :

Contribution to PF shall be at the rate of 10% of the revised Pay and with equal contribution by the employer to the PF / Pension fund as the case may be. 

The New Pension Scheme in vogue since 01 April 2010 shall be replaced with the LIC Employees’ Pension Scheme 1995. Every employee shall be covered and governed only by the rules framed under LIC Employees’ Pension Scheme 1995. 

The following improvements in the LIC Employees’ Pension Scheme should be considered: 

1) 100 percent DA neutralization to all Pensioners and family pensioners irrespective of the date of retirement; 

2) Pension should be revised upward with every wage revision; 

3) Family Pension should be increased on the basis of the improvements in Central Government and RBI schemes; 

4) The Ex-gratia for the pre-1986 employees should be enhanced substantially keeping in view the rising cost of living; 

5) Every employee shall be eligible for Full Pension after completing 20 years of service. 

Also Read - LIC Union Demands For 40% Wage Hike

GRATUITY : 

The amount of gratuity shall be equivalent to one month’s total salary including Basic Pay, DA, Special Allowance if any on the date of cessation of service for every completed year of service or part thereof. 

The ceiling of 20 months for gratuity under Staff Regulation 77(2) shall be removed. There shall be no forfeiture of gratuity when the penalty of dismissal is imposed. 

FREE INSURANCE : The present limit of Free Insurance amount shall be increased to Rs.1,00,000/- for all Class-III and IV employees.