The government has given good news to the employees of LIC Life Insurance Corporation of India. The government has increased the salary of LIC employees by 16%. The increase in salary has been approved by the Department of Financial Services, Ministry of Finance. This has been said in a media report quoting sources.
More than 1 lakh employees will get benefits
This decision to increase salary will benefit more than 1 lakh employees of LIC. Apart from this, LIC employees will now have to work only 5 days a week. That is, every Saturday and Sunday will be a holiday. The decision to work 5 days a week has come into force with immediate effect. Employees’ organizations of LIC had been demanding work 5 days a week for a long time.
Additional special allowance up to Rs 13,500 will be available
The Department of Financial Services has introduced additional special allowance for LIC employees ranging from Rs 1,500 to Rs 13,500 per month. This allowance will be available to all cadre employees. This allowance has been introduced for calculating Dearness Allowance (DA). But it will not be considered as City Compensation Allowance (CCA), Gratuity, House Rent Allowance (HRA), Paid Leave Encashment and Superannuation Benefit.
Increase in salary was pending since 2017
LIC generally increases salary after every 5 years. The last increase was made in 2012. It was supposed to increase in 2017 after that, but it was still pending. In such a situation, there is an increase in salary after a long time. Although employees were expecting a 35% increase in salary, only a 16% increase has been approved.
LIC may be listed in the current financial year
The central government is planning to list LIC in the stock market. The process of getting an IPO is in progress for this. Union Finance Minister Nirmala Sitharaman said in the budget presented on 1 February that LIC can be listed in FY 2022. The central government is expected to raise Rs 1 lakh crore from the IPO of LIC.
