Government increased the retirement age of LIC Chairman to 62 years

The government has extended the superannuation age of IPO-bound LIC Chairman to up to 62 years by making amendment to the Life Insurance Corporation of India (Staff) Regulations, 1960.

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The changes made in the rules will be called the Life Insurance Corporation of India (Staff) Amendment Rules, 2021, according to a government notification dated June 30, 2021.

The government has already amended the Life Insurance Corporation Act, 1956 along with the Finance Act 2021 to facilitate the public offer.

As a part of the amendment, the government significantly increased the authorised capital of LIC to Rs 25,000 crore from Rs 100 crore to facilitate the listing.