Section 59 in Life Insurance Corporation of India (Staff) Rules, 1960
59. Ad hoc Grants & Bonus Commission.
- The [Board] [Substituted 'Corporation' by Notification No. G.S.R. 481(E), dated 7.7.2021 (w.e.f. 23.7.1960).] may sanction ad hoc grants where the circumstances require it. The [Board] [Substituted 'Corporation' by Notification No. G.S.R. 481(E), dated 7.7.2021 (w.e.f. 23.7.1960).] may also sanction bonus commission to its Development Officers depending upon business. [The [Board] [Notified in Gazette of India, Part-III Section 4 dated 7.8.1971.] may also sanction merit awards and incentive payments to employees in accordance with such schemes as it may approve from time to time.]
