The number of permanent employees in public sector insurer Life Insurance Corporation of India (LIC) has declined 13.83 per cent to 98,661 over the past five years.
In a written reply in Rajya Sabha on Tuesday, Minister of State for Finance Pankaj Chaudhary said the number of permanent employees in LIC was 1,14,498 as on March 31, 2020.
As per the payroll data provided by the Minister, the number of permanent employees in LIC has shown a declining trend since March 2020.
At 98,661, the number of employees in LIC was, however, marginally up in March 2024 as compared to 98,463 in March 2023.
The reply of the Minister came in response to a question from TMC Rajya Sabha member Ritabrata Banerjee.
In his reply, Chaudhary noted that LIC is a Board governed commercial entity and the requirement of manpower is determined by the insurer keeping in view of various factors such as business requirement, spread of activities, superannuation, voluntary retirements and unfortunate demise etc.
“Appointment of officers and staff is done accordingly by LIC and it varies from year to year based on their requirements,” he stated.
