LIC employees to get over 25 per cent wage hike

An additional Special Allowance ranging between Rs 1,500 to Rs 13,500 per month has been introduced for all cadres, which shall be reckoned for the purpose of calculation of DA but will not count for any other purpose

Chennai: The Central government on Thursday notified the revised pay packets for LIC employees. The wage revision is effective from 1.8.2017.

“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 per cent per month,” Shreekant Mishra, General Secretary, All India Insurance Employees Association (AIIEA) told IANS.

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He said a loading of 15 per cent has been given after 100 per cent neutralisation of dearness allowance (DA) at 6,352 points of consumer price index (CPI).

An additional Special Allowance ranging between Rs 1,500 to Rs 13,500 per month has been introduced for all cadres, which shall be reckoned for the purpose of calculation of dearness allowance (DA) but will not count for any other purpose i.e. house rent allowance, city compensatory allowance, privilege leave encashment, gratuity, superannuation benefit and others.

Mishra said the overall increase in LIC’s total wage bill will be about Rs 2,700 crore per year.
Mishra also said it will be five day week for LIC employees.

The AIIEA had submitted a charter demanding 40 per cent wage hike. In the last wage agreement, the hike given was 25 per cent at average.