LIC Wage Revision – Joint Session Reporting
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.
Instructions for implementation of the Life Insurance Corporation of India Class-I Officers (Revision of Terms and Conditions of service) Amendment Rules, 2016
Instructions for implementation of the Life Insurance Corporation of India Class-III & Class-IV Employees (Revision Terms and Conditions of service) Amendment Rules, 2016