Executive Directors of General Insurance Now Eligible for Pension Benefits Under Amended Scheme: General Insurance (Employees’) Pension (Amendment) Scheme, 2025
New Delhi: Ministry of Finance has issued a notification amending the General Insurance (Employees’) Pension Scheme, 1995, to extend pension benefits to Executive Directors in public sector general insurance companies.
The amendment is officially notified on 28th July 2025 via the Gazette of India, and will be effective retrospectively from 21st December 2023.
What is the new change?
As per the new changes, the words “and Executive Director” have been added alongside “Chairman-cum-Managing Director” at multiple points in the scheme, including in Paragraph 2 and Appendix I. This now officially brings Executive Directors within the purview of pension provisions already applicable to CMDs.
This amendment means that Executive Directors will now be eligible to pensionary benefits in line with the Central Civil Services (Pension) Rules, 1972, and the Central Civil Services (Commutation of Pension) Rules, 1981, similar to other top-level government officials.
Government has also clarified that this inclusion has been made in line with existing civil service rules and does not adversely affect the interests of any other employee category under the scheme.
The amendment is an update to the original 1995 pension scheme, which has been revised multiple times over the years.
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