Govt approves 17% wage hike for 1.10 lakh employees of LIC

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.