The much-awaited wage revision for LIC employees might finalize this week. As per reports, the Finance Ministry is understood to have given an in-principle nod for the proposal sent by the LIC Management.
As per people in the know, LIC Chairman M R Kumar is expected to have a virtual conference today afternoon with union representatives for the customary “information sharing session” to complete the process after discussion.
The news could bring cheer to over one lakh LIC employees across the country as the wage revision for LIC employees is due from August 1, 2017. It usually runs for five years.
The LIC management had last made a wage revision offer of 16 percent. In tandem with this offer, the management had also announced a 100 basis point cut in the rate of interest on housing loans availed by various cadres of LIC employees.
This time around, LIC employees might get an 18.5-20 percent jump (excluding superannuation). The revision comes at a time when the insurance major is also expected to launch the country’s largest-ever initial public offering (IPO), wherein the Centre may divest up to a 10 percent stake in the insurance major.