Wage revision: LIC staff wants speedy action

 

 

 

Since the wage revision of LIC employees is due from August 2022, General Secretary of All India National Life Insurance Employees Federation Rajesh Nimbalkar has urged Union Finance Minister Nirmala Sitharaman to initiate speedy action on wage revision of LIC employees. Nimbalkar has said that LIC PF India stands today as a paragon of trust, progress and driving force behind the nation’s development, ably guided by visionary leadership of Prime Minister Narendra Modi. The watershed moment of initial public offer (IPO) has extended the reach of LIC, inviting marginalised investors and LIC employees to participate as a shareholders. The central Government resolute action towards fortifying the economy, cementing trust of 29 crores policy holder, nurturing dedication of 13 lakh LIC agents and sustaining indefatigable efforts of more than one lakh employees has unequivocally positioned LIC of India as an indomitable pillar of national economy. “The month of August 2022 marked the due for wage revision and in adherence with the timeline all unions including All India National Life Insurance Employees Federation of LIC of India duly submitted their comprehensive charter of demands,” he said. “However, to our consternation, there has been no overture from management this far, signalling a willingness to engage in discussions regarding the imperative matter of wage revision.

 

Moreover, the IPO value of LIC has experienced a decline, and the new organisational structure of LIC has yet to in-still a sense of assured confidence among the employees,” he added. In a parallel development, the Government has issued directives to the Indian Banks’ Association to initiate dialogue regarding wage revision with unions in the banking sector. The remarkable surge in first-year premiums, the surge in policy numbers, and the overall business growth stand as a testament to the relentless dedication exhibited by the employees of LIC. “We are confident that Central Government recognise and appreciate this unwavering commitment to excellence. With an ardent plea for decisive intervention of Ministry of Finance we remain confident that the ministry will alleviate the prevailing concerns and uncertainties among LIC employees,” he said further requesting swift action and expeditious progress in the wage revision negotiations at LIC of India.