Bonanza! LIC Employees Get 16% Salary Hike, Five-Day Working Week

New Delhi: Here’s good news for Life Insurance of Indian (LIC) employees amid CVOID times.

The Department of Financial Services (DFS) has reportedly just raised their wages by 16%. Over one lakh employees of LIC will benefit from the wage revision that has come along with several other perks, ZeeNews reported.

The last time LIC employees had got a wage hike was nine years ago in August 2012 although the norm is to revise salary every five years. Since the gap between the salary revision was more than usual, employees were expecting about a 35% hike in their wages. However, they would now have to settle for a 16% raise, the report added.

In addition, they will now have a 5-day-work week with immediate effect, according to media reports. Unlike other public sector bank employees, LIC employees can now enjoy every Saturday as an off.

LIC has also approved an ‘additional special allowance’ for all cadres. The newly introduced allowances range from Rs 1,500 to Rs 13,500 per month and will be represented under dearness allowance (DA) under accounts books. However, it won’t count towards other DAs such as city compensation allowance (CCA), gratuity, house rent allowance (HRA), paid leave encashment and superannuation benefit, etc.