LIC gives 17% wage hike for its employees
The Corporation undertakes wage revision exercise for its employees once in every five years. This will benefit more than 1,10,000 LIC employees
image for illustrative purpose
Mumbai: LIC of India, the largest Insurer of the country, has given a hike of 17 per cent for its employees in the wage settlement. Last time, it was 14 per cent hike only.
The Corporation undertakes wage revision exercise for its employees once in every five years. The Government has approved, with effect from 01/08/2022, wage revision of LIC employees. As a result, the overall hike in wage bill shall be 17 per cent.
This will benefit more than 1,10,000 LIC employees. The revision incorporates an enhancement in NPS contribution from 10 per cent to 14 per cent for a better future of nearly 24,000 employees who had joined after 01/04/2010. The revision includes a one-time ex-gratia payment to LIC pensioners as a gesture of appreciation of their valuable contribution to the organization. This will benefit more than 30,000 pensioners and family pensioners. The Government had earlier enhanced quantum of family pension which had benefited more than 21,000 family pensioners.
“This holistic revision shall have a positive impact on past and present generation of LICians and also make LIC a more attractive employment proposition to the future generation,” said a LIC spokesperson. LIC is thankful to the Government of India for this wage revision which will benefit all LICians and their families across the country.
Talking to Bizz Buzz, Rajesh Kumar, General Secretary, All India LIC Federation, said, “It’s a good wage hike. Even those employees who had joined after 01/04/2010 and hence were covered under NPS, have also got benefitted of the wage settlement.”
Previously, this offer was 14 per cent, and it was refused by all unions. Other benefits will be made known after the notification from the Government of India.
Rajesh Nimbalkar, the General Secretary of the All India National Life Insurance Employees Federation, said, “LIC has duly informed us of this significant event. In this meeting, LIC Management has offered a 17 per cent wage rise in the salary of LIC employees and officers.”
Other trade union leaders such as Milind Ballal (Bhartiy Majdoor Sangh) and Keshav Hedaoo (Kamgaar Sena) also participated from various locations across India in a virtual meeting with the Managing Director of LIC, Satpal Bano.
