AIIEA Update regarding outcome of Information Sharing Session held today with LIC Working Staff Unions through VC at 2.30 pm
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*Wage Revision Proposals:*
17% Wage Hike on the wage bill as on 01.08.2022.
AICPI points merged : 8456 points
Neutralization of 100% DA as on 01.08.2022
DA linked to AICPI (Base 1960=100)
New DA Rate after Wage Revision - 0.06%
Increase in Basic Pay: 16% after neutrtof 100% DA as on 01.08.2022
Increase in Allowances linked to Wage Revision: consequential hike 16% increase after 100% DA neutralization
Increase in Cadre Based Special Allowance: Additional 20% hike after giving consequential hike.
Increase in Special Area Allowance: 50%.
Increase in Special Allowance for in-house development Actuarial Capability: 33%.
Consequential hike given to Minimum and Maximum limits of HRA and CCA
14% of Basic Pay and DA of the employees who are appointed on or after 01.04.2010 will be contributed to their NPS Account.
Ex-gratia single lumpsum to Pensioners/ family pensioners/ family members aged 70 years and above (Management informed that details are still being worked out and approval will come separately).
The Session is still going on . Other details will be communicated in the evening.
Shreekant Mishra
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