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.
Source: PIB
Entire amount of undisclosed money cannot be treated as income and only estimated profit embedded in these transactions may only…
Penalty confirmed as loading point of the goods loaded in vehicle was different as declared in E- Way Bill which…
Notice u/s 143(2) send by email fifty seconds before signing by the Assessing Officer was not a legal notice -…
Once investment amount reflected as payable and receivable in the books of accounts of both parties, no addition can be…
Recording consolidated satisfaction note for various assessment years is fatal to the very assumption of jurisdiction under section 153C -…
Section 45 of PMLA Act does not oust ability of constitutional courts to grant bail on violation of fundamental rights…