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LIC wage revision: get 16% hike, 5 day week and other benefits
The employees of LIC actually receive a jump of 16 percent and five day working week with immediate effect.
After a long time LIC staff finally have some reason to celebrate. LIC employees’ wage revision proposal gets approval from government. The employees of Life Insurance Corporation of India (LIC) actually receive a jump of 16 percent and five day working week with immediate effect. The LIC wage revision has been due since August 2017, the longest delay ever. Each revision is usually applicable for five years.
The Department of Financial Services (DFS) of the Finance Ministry has approved a 16% wage hike for Life Insurance Corporation of India employees. Apart from revised wage, other benefits include the approval for five day working in week with immediate effect. LIC employees will now have Saturdays off, unlike public sector bank employees.
The government has given a go-ahead to a five day working week for LIC of India staff.
A new allowance ASA “Additional Special Allowance” ranging from Rs 1,500 to Rs 13,500 per month has also been introduced for all cadres.
This will be for the purpose of calculation of DA (Dearness Allowance) but will not count towards other purposes such as HRA (house rent allowance), gratuity ,CCA (City Compensation Allowance), PL (Paid Leave) encashment and superannuation benefits etc.
LIC wage revision 2021 benefits
- 16% wage hike
- 5 day working Saturday Sunday off.
- Additional Special Allowance
LIC wage revision summary
The final wage offer is 16% with 15% loading factor in basic. 100% DA neutralization as on 1.08.2017. D.A Rate will be .08% of Pay. There will be Special allowance for all cadres ranging from Rs.1500 to Rs.13500 per month which shall be reckoned for the purpose of calculation of DA but will not count for any other purpose i.e. HRA, CCA, PL Encashment, Gratuity, Superannuation benefit etc.
