Govt approves pension option for over Rs 42,000 employees of PSU insurersc

In a big bonanza to over 42,000 employees of public sector insurance companies, the government Saturday decided to give one more pension option as retirement benefit to these left over officers and staff who missed the opportunity in the past. This benefit is applicable to those who have joined any of the Public Sector Insurance Companies (PSICs) on or before June 28, 1995. “Govt. approves one more pension option for left over employees of Public Sector Insurance Companies who joined on or before 28.06.1995. To benefit 42720 employees including 10720 senior citizens,” Finance Minister Arun Jaitley said in a tweet. These employees had opted for contributory provident fund instead of pension option. Of the total beneficiaries, 24,595 are of LIC and 18,125 of five general insurance companies — GIC, New India Assurance Company Ltd, National Insurance Company Ltd, Oriental Insurance Co Ltd, United India Insurance Co Ltd, an official statement said.