The new fiscal 12 months 2021-22 has began for about 1.14 lakh employees of Life Insurance Corporation of India (LIC) on a cheerful be aware with over 25 per cent hike of their pay packets, stated a high union chief. The Central authorities on Thursday notified the revised pay packets for LIC employees. The wage revision is efficient 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) informed IANS.
He stated a loading of 15 per cent has been given after 100 per cent neutralization of dearness allowance (DA) at 6,352 factors of client worth index (CPI).
An further Special Allowance ranging between Rs.1,500 to Rs.13,500 per 30 days has been launched for all cadres, which shall be reckoned for the aim of calculation of dearness allowance (DA) however is not going to rely for every other objective i.e. home lease allowance, metropolis compensatory allowance, privilege go away encashment, gratuity, superannuation profit and others.
Mishra stated the general improve in LIC’s complete wage invoice will probably be about Rs 2,700 crore per 12 months. Mishra additionally stated will probably be 5 day week for LIC employees.
“In the first round, the management offered 10 per cent wage hike and it was revised upwards in the second round to 15 per cent. We said the offer does not meet our expectations,” Mishra stated.
According to Mishra, the 15 per cent wage hike provide was made on September 30, 2020 and the primary provide of 10 per cent hike was made in March 2019.
“We were having regular discussions with the management on the wage revision,” Mishra stated.
The AIIEA had submitted a constitution demanding 40 per cent wage hike. In the final wage settlement, the hike given was 25 per cent at common. Mishra stated the unions subsequent focus is to conclude wage revision for the employees of the federal government corporations within the normal insurance coverage sector.
The administration of the 4 authorities owned normal insurance coverage corporations are but to name a gathering of the unions there for wage revision talks, he added.
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