Insurance employee of Public Sector company can check the latest expected DA rate effective from 01.02.2024, Find the DA Slab for LIC / OIC / UIC / NIC / NIA employees from February 2024 for increased and current dearness allowance…
Employees who are in a public sector entity and under Insurance (Life or General Insurance) do have various components that get added with their Basic salary, and the Dearness Allowance is one such component, which is a growing part of Gross Salary based on the AICPIN announced by Government of India every month and calculation of DA for Insurance employees will be quarterly.
Dearness Allowance is an important component of General Insurance employee salary and LIC salary structure as this is a compensatory allowance or amount in the salary does make a good benefit to compensate the price index, to manage the cost of living and the location of employment which does make much effort in cost of living adjustment.
As per the current pay revision, DA rates of insurance employee with new DA slab may revised for each 3 months (February, May, August and November) of every year as per the calculation made according to All India Consumer Price Index Numbers.
As per the latest consumer price index numbers, the expected Dearness Allowance for Insurance employee may decrease to -0.033% for the quarter from 1st Feb 2024 to April 2024 and may reach to total of 55.40% DA for the pay scales as per 2017 revision.
For Pensioners or Family Pensioners of Insurance family like LIC and GIC related 4 companies, and there may be an expected decrease in DA from 1st February 2024.
DA for Insurance Employees
Let’s check the old and new DA rates list for General Insurance and Life Insurance (LIC) employees with the new DA slab as per the DA calculation.
| Period | DA Increased / Decreased in % | Total DA in % | Net Slabs for this Quarter | Total Slabs |
|---|---|---|---|---|
| Feb 2024 to April 2024 | –0.033 (Expecting) | 55.40 (Expecting) | ||
| November 2023 to January 2024 | 4.88 | 55.44 | 61 | 693 |
| 01.08.2023 | 2.9 | 50.56 | 36 | 632 |
| 01.05.2023 | 0.64 | 47.68 | 8 | 596 |
| 01.02.2023 | 2.56 | 47.04 | 32 | 588 |
| 01.11.2022 | 44.48 | 556 | ||
| 2017 Basic Pay Revised | ||||
| 01.08.22 to 31.10.22 | 5.4 | 93.7 | 54 | 937 |
| 01.05.22 to 31.07.22 | 0.1 | 88.3 | 1 | 883 |
| 01.02.22 to 30.04.2022 | 3.7 | 88.2 | 37 | 882 |
| 01.11.2021 to 31.01.2022 | 3.7 | 84.5 | 37 | 845 |
| 01.08.2021 to 31.10.2021 | 3 | 80.8 | 30 | 808 |
| 01.05.2021 to 31.07.2021 | -0.7 | 77.8 | -7.7 | 778 |
| 01.02.2021 to 30.04.2021 | 3.4 | 78.5 | 34 | 785 |
| 01.11.2020 to 31.01.2021 | 4.3 | 75.1 | 43 | 751 |
| 01.08.2020 to 31.10.2020 | 1.5 | 70.8 | 15 | 708 |
The Dearness Allowance calculated differently based on the employment considerations of an employee, and thus, the DA for the Central Public Sector employee does differ and calculated as shown below, and DA calculated with the All India Consumer Price Index which is from 1996 and as per the pay revision as below.
Insurance Employee DA Calculation Formula
- Average of AICPIN Numbers for 3 months
- Total CPI = Average AICPIN * 4.93*4.63
- Gross Points = Total CPI – 6352
- Total Slabs for DA Payable = Total Points / 4
- Net Increase of DA Slabs for this quarter = Total Slabs- Previous Paid Slabs.
Public Sector Insurance Companies List
- Life Insurance Corporation of India (LIC)
- General Insurance Corporation of India (GIC)
- The New India Assurance Company Limited
- United India Insurance Company Limited (UIIC)
- The OICL
- National Insurance Company Limited (NIC)
- Agriculture Insurance Company of India Limited
The above-mentioned new/old DA rates shall be applicable for all the employees of the above Public Sector companies of the Central Government under IRDA.
We request to GOI pl solove our pending and review salary revision with our unions