Good News for over 1.4 lakhs employees of Life Insurance Corporation of India! They are about to get 16% salary hike and other monetary benefits as the management of Life Insurance Corporation (LIC) of India has decided to implement the much-awaited wage revision.
The wage revision will see a 16% increase in the gross pay and will be implemented from August 1, 2017, said sources close to the development. MR Kumar, Chairman, LIC, had on Thursday evening conveyed the implementation of the wage revision to union leaders in an information-sharing session through video conferencing, they added.
The employees of LIC had sought a basic pay raise of 35 per cent but only 16 per cent of revision in wages has been approved. In normal circumstances, wage revision for LIC employees takes place after five years. However, the last wage revision happened in August 2012. Therefore, a wage revision for LIC employees had been pending since August 2017.
The Finance Ministry, which had already given an in-principle nod for the proposal sent by LIC management, has notified the wage revision, sources added. It may be recalled that LIC management had earlier made a wave revision offer of 16 per cent. While making this offer, the management had also announced a 100 basis point cut in rate of interest on housing loans availed by various cadre of employees
This wage revision of 16 per cent is getting implemented in a year when the insurance behemoth is slated to hit the capital markets with the country’s largest ever initial public offering.
The government has also approved a 5-day working week for LIC employees. This means each Saturday will be a holiday for LIC employees with immediate effect
Source: The Hindu