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
When foundation of reopening does not survive, no addition can be made in respect of other issues - ITAT In…
GSTN Advisory & FAQs related to Electronic Credit Reversal and Re-claimed Statement and RCM Liability/ITC Statement To ensure correct and…
It is well settled that if any receipt cannot be subjected to tax being exempt under law, negligence of any…
Since UPGST Authorities unable to inform when notice sent by GSTN Portal may have been retrieved or downloaded, no inference…
High Court declines plea of assessee that Income Tax Department wrongly read amount of cash deposit of Rs. 250000 Cr…
Discontinuance of business of partnership firm will not result in vesting ownership of firm's property with individual partners for capital…