Section 58 in Life Insurance Corporation of India (Staff) Rules, 1960
58. [ Bonus. [Notified in Gazette of India, Part-III Section 4 dated 26.5.1978.]
- No employee of the [Board] shall be entitled to profit sharing bonus. However, the [Board] [Substituted 'Corporation' by Notification No. G.S.R. 481(E), dated 7.7.2021 (w.e.f. 23.7.1960).] may, having regard to the financial condition of the [Board] [Substituted 'Corporation' by Notification No. G.S.R. 481(E), dated 7.7.2021 (w.e.f. 23.7.1960).] 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 [Board] [Substituted 'Corporation' by Notification No. G.S.R. 481(E), dated 7.7.2021 (w.e.f. 23.7.1960).] may think fit and on such terms and conditions as it may specify as regards eligibility for such bonus.]
