Chennai: The Central Government on Thursday notified the revised pay packages for LIC employees. The wage review is effective from 1.8.2017.
“The employees are satisfied with the wage review that came into a difficult situation. The salary increase for the employees is expected to be more than 25 percent per month, ‘Shreekant Mishra, general secretary of the All India Insurance Employment Association (AIIEA) told IANS.
He said a 15 percent load was applied after neutralizing animal allowance (DA) at 6,352 points of the consumer price index (CPI).
An additional special allowance ranging between Rs 1500 and Rs 13 500 per month has been introduced for all frameworks, which are calculated for the calculation of the duration allowance (DA), but which will not count for any other purpose, e.g. Rental allowance, compensation allowance, granting of privileged leave, gratuity, benefit for superannuation and others.
According to Mishra, the total wage increase of LIC will amount to about 2700 million per year.
Mishra also said it will be five days a week for LIC employees.
The AIIEA has submitted a charter demanding a 40 percent wage increase. In the last wage agreement, the increase averaged 25 percent.
Source: Telangana Today