LIC and PSGIC employees, now can opt for pension as a retirement benefit..!

New Delhi, March 5: Standing by the demand of pensioners, the Indian ruling reigns have decided to allow one more opportunity to employees of Public Sector Insurance Companies (PSICs) who joined on or before 28th June 1995, to opt for Pension, as a retirement benefit.

 

This decision is expected to benefit 42,720 employees (serving and retired) of which 24,595 are of LIC and 18,125 of PSGICs. “In order to mitigate the hardship of employees of whom many have retired, this welfare measure allows one more opportunity to employees of PSICs who joined service on or before 28th June 1995, to opt for the pension scheme of their respective organizations, in lieu of Contributory Provident Fund”, the statement added in relation.

Pension was introduced as a retirement benefit in PSICs with effect from 28th June 1995. In April 1997, employees of LIC and Public Sector General Insurance Companies namely, GIC, NICL, OICL, UIICL and NIACL, who joined service on or before 28th June 1995 were given another opportunity to opt for Pension, as a retirement benefit.

However, many eligible employees could not exercise the option and there has been a long standing demand from them to be given another option.