LIC Employees-Wage Revision and Improvements in Pension Scheme
ALL INDIA INSURANCE EMPLOYEES’ ASSOCIATION
LIC BUILDING SECRETARIAT ROAD HYDERABAD 500 063
Cir.No.08 / 2020
28th February, 2020
All the Zonal/Divisional/State/Regional Units
Wage Revision and Improvements in Pension Scheme
A joint circular has been issued by the Federation of LIC Class-I Officers’ Associations, NFIFWI & AIIEA which is reproduced hereunder.
The contents are self-explanatory.
FEDERATION OF LIC CLASS I OFFICERS’ ASSOCIATIONS
NATIONAL FEDERATION OF INSURANCE FIELD WORKERS OF INDIA
ALL INDIA INSURANCE EMPLOYEES’ ASSOCIATION
February 28, 2020
To All LIC Employees;
The leadership of Federation of LIC Class I Officers’ Associations, National Federation of Insurance Field Workers of India and All India Insurance Employees’ Association met at Thiruvananthapuram on 23rd February 2020 to discuss issues relating to insurance industry and the LIC employees in great detail and decided to jointly work to address these issues. The issue of wage revision and listing of LIC were the major issues that were discussed threadbare.
Also Read: Pension Scheme 1995 for LIC Part-time Employees
Inordinate Delay in resumption of Wage Negotiations:
The meeting noted its concern over the inordinate delay in resumption of wage negotiations. The meeting was particularly unhappy that even after addressing a Joint Letter to Chairman, LIC on 15th of February 2020 on the resumption of negotiations, there was no response from the management.
The meeting noted that today even the greatest detractors of public sector would admit that LIC is the finest financial institution in the country due to the dedication and commitment of its workforce. The LIC has made huge progress and the productivity of the employees has increased manifold since the last wage revision in 2012. LIC has not only held its ground in a competitive scenario, but the market share is also improving in a manner that LIC is surpassing itself. The meeting was happy to note that LIC has crossed the historic landmark of mobilising Rs.1.5 lakh crore New Business Premium Income much before the end of the financial year. It is to be noted that at a time when the Indian economy is struggling to grow at 4.5 per cent, LIC’s individual New Business has shown an impressive growth of 17.48% in terms of first year premium and 29.42% in terms of number of policies as in January 2020. It is also a matter of pride for all of us that LIC’s Total Income has grown at a handsome rate of 17.79 %. The meeting felt that against the backdrop of such commendable performance of the Corporation, it is reasonable for the officers and employees to expect a good wage revision commensurate with their increased productivity and financial strength of LIC.
Also Read: LIC Delay in Wage Negotiations
The meeting felt that there was a need for an industrial action to force open the negotiations with improved offers. It was therefore decided that we would go for One Hour walk-out Strike preceding Lunch Recess on 17th of March 2020 with a perspective of One Day Strike in the last week of March. It was also decided that there should be countrywide demonstrations during Lunch Recess on 13th March and 16th March in preparation of the walk out Strike. Leadership of the Joint Front will address a massive demonstration before LIC Central Office at Yogakshema, Mumbai on 13th March 2020.
Improvements in Pension:
The meeting noted with dismay that even after four months of LIC’s recommendation, the government had not yet given its approval to the issue of improvements in Family Pension. The meeting therefore decided to pursue this issue with the LIC management for its early resolution. The Meeting also decided to seriously pursue the issue of updation of Pension.
We request our members all over India to prepare in a big way by mobilising employees and officers for the ensuing One Hour Walk-Out Strike preceding Lunch Recess on 17th March 2020.
Also Read: LIC Pensioners Issues – Stoppage of recovery of GIS premium for VRS pensioners – Non-credit of pension on 1st of the Month
The understanding of the Joint Front on the issue of LIC IPO will be communicated through our next circular.
Federation of LIC
Class I Officers’ Association
Leave a Reply