India Government Decides Tender

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 42720 employees serving and retired of which 24595 are of LIC and 18125 of PSGICs.