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Pension window for staff of PSU insurance firms

NEW DELHI: The Union executive has decided to allow yet another alternative to employees of public sector insurance coverage corporations (PSICs) who joined on or prior to June 29, 1995, to go for pension, as a retirement get advantages.

Pension was once introduced as a retirement get advantages in PSICs with impact from June 28, 1995. In April 1997, employees of LIC and public sector basic insurance coverage corporations similar to GIC, NICL, OICL, UIICL and NIACL, who joined provider on or prior to June 28, 1995 got every other alternative to go for pension.

“However, many eligible employees may just not workout the option and there was a long status call for from them to be given another option,” a finance ministry commentary stated.

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