Government Approves Wage Hike Of LIC Employees By 16 Per Cent Along With 5-Day Work A Week
The Finance Ministry of India has approved a 16 per cent wage hike for the employees of Life Insurance Corporation of India (LIC).
The pay hike is expected to benefit more than one lakh employees of LIC across the country.
As per the decision of the Finance Ministry, the LIC employees, apart from pay hike, are also entitled to the benefits of 5-day-work week. Henceforth, every Saturday will be a public holiday for the LIC employees.
The changes made by the government for the LIC employees will come into immediate effect. The LIC employees had received the last pay hike in August 2012 and were supposed to get a pay hike on August 2017. However, the employees received the pay hike after a delay of 3.5 years.