LIVE TV DownloadNews18 App
News18 English
»
1-min read

Govt Approves Pension Option for Over Rs 42,000 Employees of PSU Insurers

In April 1997, employees of LIC and General Insurance Companies namely GIC, New India Assurance Company Ltd, National Insurance Company Ltd, Oriental Insurance Co Ltd, United India Insurance Co Ltd, who joined service on or before 28 June 1995 were given another opportunity to opt for Pension as a retirement benefit.

PTI

Updated:March 2, 2019, 10:40 PM IST
facebookTwittergoogleskypewhatsapp
Govt Approves Pension Option for Over Rs 42,000 Employees of PSU Insurers
(Image only for representational purpose)
Loading...
New Delhi: In a big bonanza to over 42,000 employees of public sector insurance companies, the government on Saturday decided to give one more pension option as retirement benefit to these left over officers and staff who missed the opportunity in the past.

This benefit is applicable to those who have joined any of the Public Sector Insurance Companies (PSICs) on or before June 28, 1995.

"Govt approves one more pension option for left over employees of Public Sector Insurance Companies who joined on or before 28.06.1995. To benefit 42720 employees including 10720 senior citizens," Finance Minister Arun Jaitley said in a tweet.

These employees had opted for contributory provident fund instead of pension option.

Of the total beneficiaries, 24,595 are of LIC and 18,125 of five general insurance companies — GIC, New India Assurance Company Ltd, National Insurance Company Ltd, Oriental Insurance Co Ltd, United India Insurance Co Ltd, an official statement said.

"In order to mitigate the hardship of such employees of whom many have retired, Government has decided, as a welfare measure, to allow one more opportunity to employees of PSICs who joined service on or before June 28, 1995, to opt for the Pension scheme of their respective organizations, in lieu of Contributory Provident Fund," Financial Services Secretary Rajiv Kumar said.

Pension was introduced as a retirement benefit in PSICs with effect from June 1995, it said.

In April 1997, employees of LIC and General Insurance Companies namely GIC, New India Assurance Company Ltd, National Insurance Company Ltd, Oriental Insurance Co Ltd, United India Insurance Co Ltd, who joined service on or before 28 June 1995 were given another opportunity to opt for Pension as a retirement benefit.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Reliance 1,376.55 1.96
SBI 303.05 1.37
PNB 90.50 4.44
HDFC Bank 2,267.75 0.28
Axis Bank 760.90 1.24
Company Price Change %Gain
Bharti Infratel 326.90 2.83
Torrent Power 263.00 0.82
Eicher Motors 21,704.00 -2.55
Reliance 1,375.25 2.05
Axis Bank 761.00 1.20
Top Gainers
Company Price Change %Gain
Bharti Infratel 327.60 2.99
HCL Tech 1,036.20 2.39
NTPC 134.90 1.97
Reliance 1,376.55 1.96
ITC 299.45 1.94
Company Price Change %Gain
ITC 299.40 2.45
NTPC 135.10 2.19
HCL Tech 1,034.60 2.18
Reliance 1,375.25 2.05
Bharti Airtel 336.65 1.81
Top Losers
Company Price Change %Gain
Eicher Motors 21,759.10 -2.21
JSW Steel 288.50 -2.19
Hero Motocorp 2,614.05 -2.08
Larsen 1,357.95 -1.52
Maruti Suzuki 6,825.20 -1.21
Company Price Change %Gain
Hero Motocorp 2,615.40 -2.10
Larsen 1,356.75 -1.60
Maruti Suzuki 6,832.55 -1.13
Bajaj Auto 2,981.00 -0.77
Coal India 243.10 -0.47

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results