The new fiscal year 2020-21 has started on a happy note for LIC employees as they are set to get over 25% hike in their pay packets, said a top union leader
The new fiscal year 2020-21 has started for about 1.14 lakh employees of Life Insurance Corporation of India (LIC) on a happy note with an over 25 percent 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 percent per month," Shreekant Mishra, General Secretary, All India Insurance Employees Association (AIIEA) told IANS.
He said loading of 15 percent has been given after 100 percent neutralization of dearness allowance (DA) at 6,352 points of a 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.
Mishra said the overall increase in LIC's total wage bill will be about Rs 2,700 crore per year.
Mishra also said it will be five day week for LIC employees.
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