LIC Officers’ Associations Rejects 15 % Wage Hike

Federation of LIC Class-I Officers’ Associations has rejected the offer of 15 per cent wage hike, on the wage bill as on 01st August 2017. 

The 15% wage hike was offered by the management of the Life Insurance Corporation(LIC). 

Federation of LIC Class-I Officers’ Associations has made it clear that the offer, on the line of banking industry, is not acceptable to their Federation.

"We have requested the LIC Management to come with revised offer after consulting with government and we want this exercise to end at least by December 2020. We have made it clear that whatever be the hike in percentage, wage revision proposals will not be acceptable to our Federation, if there is no solution for stagnation, especially in ADM, AO and AAO cadres. We also demanded a re-look into the ‘Pay Matrix’ based on the cabinet recommendations of Govt. of India and the 7th Pay Commission,''. 

Union has reminded that, while submitting charter in July 2017, the then chairman, Sri V K Sharma, has made it clear that the LIC had de-linked from banking pattern and should never follow them. 

LIC unions wants the wage hike on the performance of the company. He pointed out that, the banking industry is bleeding with NPA and most of them are in red. 

The union highlighted that; the wage revision should be based on the performance of the LIC of India, paying capacity of the LIC of India and parity with Central Government and other Navarathna companies and not in similarity with Banks. 

The Federation also demanded that suitable steps should be taken to speed up the notification of revision of Family Pension which is already approved by the LIC Board.