Employees of Life Insurance Company (LIC) should be rejoicing after figuring out that the Department of Financial Services (DFS) has reportedly simply raised their wages by 16%. Over one lakh staff of LIC will profit from the wage revision that has come together with a number of different perks.
The salary hike has come after a extremely very long time. Prior to this, LIC staff bought a wage hike 9 years in the past in August 2012. This was in distinction to LIC’s tradition, based on which the corporate often revises the salary each 5 years. Since the hole between the salary revision was more than common, staff had been anticipating a few 35% hike of their wages. However, they’d now should accept a 16% increase.
In addition to the salary hike, LIC staff are additionally going to take pleasure in advantages akin to a 5-day-work week with fast impact, based on media experiences. Unlike different public sector financial institution staff, LIC staff can now take pleasure in each Saturday as an off. It is essential to notice that a number of worker organisations had been demanding a five-day workweek for fairly a while now.
Moreover, LIC has additionally authorized an ‘additional special allowance’ for all cadres. The newly launched allowances vary from Rs 1,500 to Rs 13,500 monthly and will probably be represented underneath dearness allowance (DA) underneath accounts books. However, it received’t depend in the direction of different DAs akin to metropolis compensation allowance (CCA), gratuity, home lease allowance (HRA), paid depart encashment and superannuation profit, and many others.
All the steps taken by the LIC in favour of its staff have come at a time when the corporate is gearing up for its preliminary public providing (IPO), which might be the most important IPO India has ever witnessed.
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