Government of India Announces Bonus Payment for LIC Employees for 2018-2021 Period
The Ministry of Finance, Department of Financial Services in New Delhi has determined that Class III and Class IV employees of the Life Insurance Corporation of India (LIC) will receive a payment in lieu of bonus at a rate of 15% of their salary for the periods starting from April 2018 to March 2019, April 2019 to March 2020, and April 2020 to March 2021. This determination was made in accordance with sub-rule (2) of rule 13 of the Life Insurance Corporation of India Class III and Class IV Employees (Revision of Terms and Conditions of Service) Rules, 1985.
MINISTRY OF FINANCE
(Department of Financial Services)
New Delhi, the 2nd March, 2023
S.O. 318.- In exercise of the powers conferred by sub-rule (2) of rule 13 of the Life Insurance Corporation of India Class III and Class IV Employees (Revision of Terms and Conditions of Service) Rules, 1985, the Central Government hereby determine that, subject to other provisions of the said sub-rule, the payment in lieu of bonus for the following periods to every Class III and Class IV employee shall be at the rate of 15 percent of his/ her salary:
i) From 1st day of April, 2018 and ending with 31st day of March, 2019; and
ii) From 1st day of April, 2019 and ending with 31st day of March, 2020; and
iii)From 1st day of April, 2020 and ending with 31st day of March, 2021.
[eF. No. M-16014/02/2022-Ins.I]
VINOD KUMAR, Under Secy.
