According to the most recent reports, the LIC has declared every Saturday a public holiday for its employees which is another reason to smile apart from wage hike for the employees of LIC. To be more specific, all LIC branches will be closed on this day, and no work of any sort will be done on Saturday. In this case, you'll have to conduct all of your tasks between Monday and Friday. The central government made this move, to help more than one lakh LIC employees according to reports. Following the meeting with union leaders, the management's final decision will be submitted to the government, and the Finance Ministry will have the option to make adjustments before issuing the confirmation.
The management of Life Insurance Corporation (LIC) has agreed to enforce the long-awaited wage increase, giving relief to the company's over one lakh employees. The introduction of the wage revision was expressed to union leaders in a meeting via video conferencing on Thursday evening, according to MR Kumar, Chairman of LIC. The most recent wage adjustment was due on August 1, 2017. The wage adjustment is normally made for a term of five years. According to reports, the Finance Ministry has informed the wage revision after giving an in-principle approval to the proposal submitted by LIC management. It should be remembered that LIC management had previously offered a 16 percent wage revision.
The management had already reported a 100 basis point drop in the rate of interest on home loans taken out by different cadres of employees at the same time as announcing this 16 percent pledge. This 16% pay increase is being introduced in a year when the insurance giant is set to enter the capital markets with the country's largest ever initial public offering (IPO).