Wednesday, July 23, 2014

NOINO writes to Chairman on wage-revision & pension-option

NOINO today wrote to the Chairman, LIC of India for wage-revision and one more pension-option. The letter is reproduced below:

The Chairman,
L.I.C. of India.

Respected Sir,

Re:  Wage revision & pension option

The wage-revision of LIC employees is due since 1st August 2012. National Organization of Insurance Officers (NOINO) submitted its Charter of demands on 23rd July 2012.  However, till now the talks on wage-revision have not commenced. The employees are restless due to this.

The 22nd All India Executive Committee Meeting of NOINO was held on 9th and 10th June 2014, wherein EC members across the country were present. The assembly expressed its concern over the delay in the talks.

The employees were expecting that some offer would be coming on wage-revision in the Information Sharing Meeting on 13th & 14th February 2014. We were   disappointed to find that there was no offer forthwith. However, in that meeting, an assurance was given by the management that the unions would be invited again very shortly with some concrete offer on wage-revision. We are again disappointed to find that till date that has not happened. There is also no information forthcoming from the management as to what steps are being taken for an early & satisfactory settlement.

We were given to understand that the LIC management is making efforts for one more (final) option for pension before & outside the wage-revision. Nothing has materialized even in this regard.

These two issues are of utmost importance. However, the delay in settling both these issues has given rise to resentment.

We, therefore, demand that the management should immediately invite the unions for talks on wage-revision as well as other pending issues.

Yours faithfully,
Anagha Sant
      GS, NOINO


  1. Please enlighten me whether pension option would be with effective from 1.8.2012 or from the date of notification of wage revision settlement.

  2. Usually from the date(old) of introduction of Pension Scheme in Corporation, as offered to Bank employees. However, the quantum pension depends on last 10 months average salary. Don't have much hopes on 2nd pension option as unions are not acting tactfully by placing pre.conditions such as wage.rev is separate and pension option is separate. Mang'ment may consider wage revision and say no to pension. Banks have almost compromised for pension but in LIC same approach is not there.