LIC WAGE REVISION

ALL INDIA LIC EMPLOYEES FEDERATION, MUMBAI. Circ/Special.               16th October, 2015. To: All Divisional Units, Negotiations held today yield very positive results The salient features :- There will be 13.5% rise in Basic Pay after merger of DA as on 1.8.2012 with NO CAP. Increase in annual wage bill as on 1.8.2012 is estimated at Rs. 1,450 crores. A steep rise in Basic Pay will result in steep rise in Pension and other retiral benefits. PLLI to be linked to revised current salary. Five Day Week. Cashier's Allowance raised from Rs. 1,500 to Rs. 2,500. In the face of stiff opposition from the government, the issue of one more option for Pension is delinked from the wage issue.  It will be pursued separately. The Federation gracefully acknowledged the steadfast efforts made by LIC Chairman and other high officials for overcoming the difficulties raised by the Ministry. These are some highlights.  Efforts will be made towards early issuance of Notification and payment of arrears due from 1.8.2012. With greetings,     (A.V. NACHANE) GENERAL SECRETARY. Reproduced by P.P.Mukherjee Delhi.