LIC wage revision notification status

Insurance employees are eagerly waiting for release of notification. It was reported in this blog that notification was likely to come out in last month . We reported as per the information available at that point of time but later on it was proven wrong. We apologize the misleading information.

As per the recent information available,
“We know that every one is anxious about the fate of wage revision.
I spoke to co as well as ministry. I can assure you that there is no problem and it is only the unavoidable red tape and we are going to get it without much delay.
Please be patient. There may be an icing on the cake in the form of 5 day week also coming along with this notification itself. In that case we may have to wait for some more days.”
Source : Class I Federation (8/01/16)

“all formalities regarding wage notification have been completed & the notification is expected any time.

Since till now it has not been issued, we sought the intervention of our President Shri Prakash Javadekarji who was on a visit to Mumbai today(7.01.16). Javadekarji immediately contacted Anjuli Duggal, Secretary, Financial Services. At that moment she was preoccupied in one of the series of pre-budget meetings going on currently. Later she called up Javadekarji & told him that a spate of pre-budget meetings were going on at the moment, hence, it couldn’t be released.
She also said that the 5 days’ week notification was also in the final stage. However, it would be released some time after the wage notification.
She confirmed that indeed the process was complete & the wage notification would be issued soon.”

Source : NOINO.

As per some unconfirmed news, notification may release on Monday, 11th Jan’16.

Source: http://paycommissionupdate.blogspot.in/

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As scheduled, the discussions on Wage-revision were held today, i.e. on 16th October 2015 at Mumbai. The management was represented by the Chairman Shri S K Roy, all the three Managing Directors & the officials of Personnel department.

NOINO was represented by Shri Dattaraj Prabhukhanolkar, All India GS, NOINO; Shri Y N Murthy, All India Joint Secretary, NOINO; & Shri R Dhayalan, Zonal Secretary, NOINO SZ unit.

The Chief(Personnel) Shri Prakash Chand took stock of the situation. He lauded the role of the Chairman & our MD Smt Usha Sangwan in the wage-revision issue.

Thereafter, Smt Usha Sangwan, Managing Director spoke. She stressed on the need of a better professional approach; setting higher benchmarks in customer service etc.

Thereafter Shri V K Sharma, Managing Director, spoke. He stressed on the importance of agency retention. He also spoke on the issues of Market Share of LIC & the growth of New Business.

Shri S B Mainak, Managing Director expressed concern over the reduction in accounting surplus.

Thereafter, the Chairman spoke. The Chairman in his speech covered the following points:-

We all have put our best efforts during these hard times & expressed confidence that this teamwork will help facing the future challenges

Only thing permanent is ‘Change’

Degrowth of 41% in policies & 10% in FPI as on 31.3.2015

Achievement to budget was only 55% on policies & 82% on FPI.

Total income crossed 4 lakh crore; Asset base crossed 20 lakh crores

Claim settlement 99.77% as on 31.3.2015.

Adoption & use of technology is the need of the hour

Transfer & Mobility policy & Biometric Authentication (for eFEAP) to be applicable from 1st April 2016.

Thereafter the ED(P) gave the wage-proposal. Following are the salient features of the proposal(for Class I Officers):-

*Rise of 13.5% in Basic Pay after 100% Merger of DA in old Basic as on 1.8.2012.
*Rate of DA 0.10%(Old—0.15%)
*HRA—A Class cities—10% of Basic Pay. Maximum 5200; B Class—-8%. Maximum 4320; C Class—7%. Maximum 4200.
*CCA—A Class cities—3% of Basic Pay. Maximum 1275; B Class—-2.5%. Maximum 1210; C Class—2%. Maximum 930.
*Transport allowance—1300(Old 800).
*Cash Medical Benefit—upto Basic 60165—- 13000; above 60165—–19440.
*PG 1 Allowance—1120(Old 680)
*Audit allowance—1405(Old 850).
The Joint Session ended there.

The reporting of the Individual session with NOINO is being done separately.

Individual discussion with NOINO – LIC Wage Revision

Source: http://noinocentral.blogspot.in/

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The Joint Forum of Unions in LIC met on 29th of September 2015 at Pune and decided the following programme of action to realise satisfactory wage revision and one more option for pension:

1) Lunch hour demonstrations 6th and 13th October, 2015.
2) ONE DAY STRIKE ON 14th October, 2015.
3) Lunch hour demonstrations on 16th & 18th November, 2015.
4) TWO DAYS strike on 19th and 20th November 2015.

And following the agitation, LIC management has called NOINO and all joint front constituents for final discussion on wage revision. The talks are at Mumbai on 16th & 17th October 2015.

In view of above invitation for talks, it has been decided by all constituent unions in Joint Forum to suspend the current agitational programmes (including strike action on 14th October 2015).

News Courtesy: http://noinocentral.blogspot.in/

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