The Ministry of Finance, Department of Financial Services in New Delhi has issued a notification on March 2, 2023, regarding the payment in lieu of bonus to the Class III and Class IV employees of the Life Insurance Corporation of India. The notification states that the payment in lieu of bonus for the periods of April 1, 2018, to March 31, 2019, April 1, 2019, to March 31, 2020, and April 1, 2020, to March 31, 2021, will be at the rate of 15 percent of the employee’s salary. The notification is issued under the Life Insurance Corporation of India Class III and Class IV Employees (Revision of Terms and Conditions of Service) Rules, 1985, sub-rule (2) of rule 13, subject to other provisions of the said sub-rule. The ReF. No. M-16014/02/2022-Ins.I is mentioned in the notification, and it is signed by VINOD KUMAR, Under Secy.

MINISTRY OF FINANCE
(Department of Financial Services)
New Delhi, the 2nd March, 2023

S.O. 318.- In exercise of the powers conferred by sub-rule (2) of rule 13 of the Life Insurance Corporation of India Class III and Class IV Employees (Revision of Terms and Conditions of Service) Rules, 1985, the Central Government hereby determine that, subject to other provisions of the said sub-rule, the payment in lieu of bonus for the following periods to every Class III and Class IV employee shall be at the rate of 15 percent of his/ her salary:

i) From 1st day of April, 2018 and ending with 31st day of March, 2019; and
ii) From 1st day of April, 2019 and ending with 31st day of March, 2020; and
iii)From 1st day of April, 2020 and ending with 31st day of March, 2021.

[eF. No. M-16014/02/2022-Ins.I]
VINOD KUMAR, Under Secy.

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