The management of the Life Insurance Corporation (LIC) of India has decided to implement the much-awaited wage revision. The wage revision will see a 16 percent increase in the gross pay and will be implemented from August 1, 2017, as per sources close to the development.
The news brings cheer to over one lakh employees. The latest wage revision was due from August 1, 2017. The wage revision is usually implemented for a five-year period.
In addition, the Department of Financial Services (DFS) in the Finance Ministry has announced that every Saturday will be a public holiday for LIC, thus paving the way for a five-day week at the insurance behemoth.
The Finance Ministry, which had already given an in-principle nod for the proposal sent by LIC management, has notified the wage revision, sources added. Prior to this, the wages had been last revised in 2012.
The wage revision and five-day week come in a year when the insurance major is slated to hit the capital markets with the country’s largest-ever initial public offering, with the center hoping to raise up to at least Rs1-lakh crore through the initial public offering by divesting up to 10 percent stake in LIC.