Public Sector Insurance Companies Pension Latest Update: Here's good news for over 42,000 employees of public sector insurance companies. On Saturday, the Union government decided to give one more pension option as retirement benefit to the officers and staff who had missed the opportunity in the past. The benefit of the decision taken by the government will apply to all those employees who joined any of the Public Sector Insurance Companies (PSICs) on or before June 28, 1995. According to an official investment, the pension was introduced as a retirement benefit in PSICs with effect from June 1995. In April 1997, employees of LIC and General Insurance Companies namely GIC, New India Assurance Company Ltd, National Insurance Company Ltd, Oriental Insurance Co Ltd, United India Insurance Co Ltd, who joined service on or before 28 June 1995 were given another opportunity to opt for Pension as a retirement benefit. 

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However, the official statement said, several eligible employees could not exercise the pension option. It had been their longstanding demand to be granted another option to get pension as a retirement benefit. These employees of the Public Sector Insurance Companies had earlier opted for contributory provident fund instead of pension option. 

With the latest government decision, the government has met their demands. "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 42,720 employees including 10,720 senior citizens," Finance Minister Arun Jaitley tweeted. 

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The employees to benefit are from LIC (24,595) 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, said an official statement said.

Financial Services Secretary Rajiv Kumar said, "In order to mitigate the hardship of such employees of whom many have retired, Government has decided, as a welfare measure, to allow one more opportunity to employees of PSICs who joined service on or before June 28, 1995, to opt for the Pension scheme of their respective organizations, in lieu of Contributory Provident Fund."