Economy

1.14 lakh LIC employees to get over 25% hike

Well, the new fiscal year 2020-21 has begun with 1.14lakh employees of Life Insurance Corporation of India (LIC) on a happier note with an almost 25 percent hike. On Thursday, the Central government has now notified that the pay packets for LIC employees. However, the wage revision is quite effective from 1.8.2017.

Shreekant Mishra, General Secretary, All India Insurance Employees Association (AIIEA) told IANS that “The employees are happy with the wage revision that has come at a difficult situation. The pay hike for the employees is expected to be over 25 percent per month.”

He mentioned that loading of the 15 percent has now given after the 100 percent neutralization of dearness allowance (DA) at around 6,352 points of CPI (Consumer price index).

Additionally, Special Allowance is now ranging between ₹1,500 to ₹13,500 per month which has been introduced for all cadres, which can be reckoned for the purpose of calculation of dearness allowance (DA) which will not count for any other purpose like house rent allowance, city compensatory allowance, gratuity, privilege leave encashment, superannuation advantages, and others.

Mishra mentioned that the overall increase in the LIC’s total wage might be around ₹2,700 crores per year. Also, added that it will be five day week for LIC employees.

Mishra said, “In the first round, the management offered a 10 percent wage hike and it was revised upwards in the second round to 15 percent. We said the offer does not meet our expectations.”

As per Mishra, around a 15 percent wage hike offer was made on 30th September 2020 and the first offer is of 10per cent hike made in March 2019.

Also, AIIEA has also submitted a charter requirement 40per cent wage hike. Within the last wage agreement, the hike was given was 25 percent on average.

Mishra mentioned the unions are focusing to conclude wage revision for the government companies’ employees within the general insurance sector.

However, He mentioned, the management of the four government-owned general insurance companies will now conduct a meeting of the unions for the wage revision.

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