According to the proposal, the salary of LIC employees can increase up to 20 percent. The Finance Ministry has given in-principle approval to this proposal sent by LIC Management.
IPO may come to 1 lakh crore rupees
There is good news for millions of employees of Life Insurance Corporation of India (LIC), the country’s largest insurance company. This week, more than one lakh LIC employees can get an increase in salary. According to the proposal, the salary of LIC employees can increase up to 20 percent. The Finance Ministry has given in-principle approval to this proposal sent by LIC Management.
According to the report of The Hindu Business Line, sources said that LIC Chairman MR Kumar can hold a virtual conference with union representatives at 12 noon today. LIC management had last proposed a 16 percent wage hike. While making this proposal, the management had also announced a reduction of 100 basis points in the interest rate on home loans taken by various cadres of employees.
Salary may increase by up to 20 percent
It is believed that the salary of LIC employees can be increased from 18.5% to 20%. LIC is also preparing to bring the biggest IPO of the country so far this year.
The first such delay in the history of LIC
The wage revision of LIC employees is due from August 1, 2017 and it usually lasts for five years. A union leader said, for the first time in the history of LIC, a wedge revision has been delayed. It is expected that this time insurance employees can get a good deal from bank employees. Without including superannuation, there is a 15% increase in gross salary in bipartite settlement for bank employees.
Another interesting thing is that till now there is no concept of salary agreement between LIC Management and its employee unions. After the meeting with the union leaders, the final proposal of the management will be sent to the government and the Finance Ministry can make changes before issuing the notification.
IPO may come to 1 lakh crore rupees
Let us know that the central government wants to raise about 1 lakh crore rupees from the IPO of LIC and can sell its 10 per cent stake in the company.
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