Quick Summary
The Ministry of Finance, through a gazette notification dated July 28, 2025, has officially introduced the General Insurance (Employees') Pension (Amendment) Scheme, 2025, aimed at updating the pension entitlements of key managerial personnel in public sector general insurance companies. The amendm
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FAQ :
The General Insurance (Employees') Pension (Amendment) Scheme, 2025, now includes Executive Directors (EDs) in the pensionary provisions, extending benefits previously only available to Chairman-cum-Managing Directors (CMDs).
The amendment is deemed effective from December 21, 2023.
The revised provisions are made under Section 17A of the General Insurance Business (Nationalisation) Act, 1972.
Employees governed under the original General Insurance (Employees') Pension Scheme, 1995, specifically including Executive Directors and Chairman-cum-Managing Directors.
The amendment aims to bring parity in pension benefits among top-level functionaries in public sector general insurance companies, improve leadership retention, and ensure fairness in post-service entitlements.
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