LIC employees to get over 25% 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 dearness allowance (DA) but will not count for any other purpose i.e. house rent allowance, city compensatory allowance
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Chennai: The new fiscal year 2021-22 has started for about 1.14 lakh employees of Life Insurance Corporation of India (LIC) on a happy note with over 25 per cent hike in their pay packets, said a top union leader. 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.
He said a loading of 15 per cent has been given after 100 per cent neutralization 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.
