NEW DELHI: The government has approved a 17 per cent overall hike in wages for more than 1.10 lakh employees of insurance giant Life Insurance Corporation of India (LIC).

The wage hike approval has come days after the government cleared a similar raise for the employees of public sector banks.

The wage hike for LIC employees is effective from August 1, 2022, the insurer said.

NPS contribution is enhanced from 10 per cent to 14 per cent of nearly 24,000 employees who joined after April 1, 2010, it said while thanking the government for the wage revision.

A one-time ex-gratia payment to LIC pensioners was also made to more than 30,000 pensioners and family pensioners, it said.

Earlier this week, the government had given no objection to a 17 per cent wage hike for bank employees effective November 1, 2022.