Section 58 in Life Insurance Corporation of India (Staff) Regulations, 1960
58. [ Bonus. [Notified in Gazette of India, Part-III Section 4 dated 26.5.1978.]
- No employee of the Corporation shall be entitled to profit sharing bonus. However, the Corporation may, having regard to the financial condition of the Corporation in respect of any year and subject to the previous approval of the Central Government, grant non-profit sharing bonus to its employees in respect of that year at such rate as the Corporation may think fit and on such terms and conditions as it may specify as regards eligibility for such bonus.]
