PSU Insurance Company Employees get one more opportunity to opt for Pension

Ministry of Finance has issued Press Release on decision of Government to give PSU Insurance Company Employees who joined on or before 28th June, 199 one more opportunity to opt for Pension. Press Release is given below

PSU Insurance Company Employees get one more opportunity to opt for Pension

Ministry of Finance

Government decides to allow one more opportunity to employees of Public Sector Insurance Companies who joined on or before 28th June, 1995

The Government of India has 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.

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.

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 28th June 1995, to opt for the Pension scheme of their respective organizations, in lieu of Contributory Provident Fund.

This decision is expected to benefit 42,720 employees (serving and retired) of which 24,595 are of LIC and 18,125 of PSGICs.

See : Band wise Pay Matrix Table