Wage Revision in LIC-Latest Developments
ALL INDIA INSURANCE EMPLOYEES’ ASSOCIATION
LIC BUILDING SECRETARIAT ROAD HYDERABAD 500 063 (E-mail: firstname.lastname@example.org)
Cir.No.18 / 2015
To All the Zonal/Divisional/State/Regional Units
Wage Revision – the process for Notification has begun 12th November, 2015 The LIC has submitted draft notification on wage revision to the government for its approval and issuance. The AIIEA had asked for some improvements in the wage offers during the individual discussions on 17th October 2015.
We are happy to understand that LIC has suggested some improvements in the HRA, CCA and other allowances. It has also recommended for marginal improvements in the structuring of the pay scales.
The discussions in general insurance industry ended on 6th November 2015.
The wage offer made in the general insurance is on the pattern similar to that of LIC.
The GIPSA too assured of suggesting to the government some improvements in the offers. The GIPSA governing Board met on 9th November, 2015 to approve the wage proposals.
The GIPSA is also expected to submit its draft for approval and notification by the government.
The AIIEA has urged both LIC and GIPSA to work for the early issuance of the notifications so that the fruits of the wage revision flow to the employees as early as possible.
The AIIEA is assured that all efforts are being made for the issuance of notification by the end of this month or early next month. Thus, the magnificent struggle for wage revision is reaching its successful culmination. This wage revision was achieved in the most difficult political and economic environment. The efforts of AIIEA to unite all sections of the employees and officers in both LIC and PSGI companies and thereafter devise a correct tactical line for struggle delivered to the insurance employees a splendid wage revision. The insurance employees are in celebratory mood in all offices across the country.
There is widespread appreciation for the role played by AIIEA by all sections of employees and officers. It is time now to consolidate the gains of the struggle by further strengthening the AIIEA. The battle for wage revision has been successfully won.
The battle for another pension option has to be carried forward. The improvements AIIEA has asked in the existing pension scheme need to be projected and struggled for.
The magnificent struggle for protection and advancing the interests of LIC and PSGI companies has to be ceaselessly carried forward.
These are massive tasks and to fulfill them the AIIEA has to be further strengthened both ideologically and financially. This is a task that needs to be undertaken urgently with a clear understanding that only an organization with a correct political understanding can meet these enormous challenges.
The Secretariat of AIIEA that met on 16th & 17th October 2015 at Mumbai decided to call upon all insurance employees to pay a levy of 4 percent on the arrears of wage (Gross minus PF & IT) to strengthen the organization financially. We are confident of a massive response.