LIC Wage Revision - Joint Session Reporting

As scheduled, the discussions on Wage-revision were held today, i.e. on 16th October 2015 at Mumbai. The management was represented by the Chairman Shri S K Roy, all the three Managing Directors & the officials of Personnel department.

NOINO was represented by Shri Dattaraj Prabhukhanolkar, All India GS, NOINO; Shri Y N Murthy, All India Joint Secretary, NOINO; & Shri R Dhayalan, Zonal Secretary, NOINO SZ unit.

The Chief(Personnel) Shri Prakash Chand took stock of the situation. He lauded the role of the Chairman & our MD Smt Usha Sangwan in the wage-revision issue.

Thereafter, Smt Usha Sangwan, Managing Director spoke. She stressed on the need of a better professional approach; setting higher benchmarks in customer service etc.

Thereafter Shri V K Sharma, Managing Director, spoke. He stressed on the importance of agency retention. He also spoke on the issues of Market Share of LIC & the growth of New Business.

Shri S B Mainak, Managing Director expressed concern over the reduction in accounting surplus.

Thereafter, the Chairman spoke. The Chairman in his speech covered the following points:-

** We all have put our best efforts during these hard times & expressed confidence that this teamwork will help facing the future challenges

** Only thing permanent is ‘Change’

** Degrowth of 41% in policies & 10% in FPI as on 31.3.2015

** Achievement to budget was only 55% on policies & 82% on FPI.

** Total income crossed 4 lakh crore; Asset base crossed 20 lakh crores

** Claim settlement 99.77% as on 31.3.2015.

** Adoption & use of technology is the need of the hour

** Transfer & Mobility policy & Biometric Authentication (for eFEAP) to be applicable from 1st April 2016.

Thereafter the ED(P) gave the wage-proposal. Following are the salient features of the proposal(for Class I Officers):-

• Rise of 13.5% in Basic Pay after 100% Merger of DA in old Basic as on 1.8.2012.

• Rate of DA 0.10%(Old---0.15%)

• HRA---A Class cities---10% of Basic Pay. Maximum 5200; B Class----8%. Maximum 4320; C Class---7%. Maximum 4200.

• CCA—A Class cities---3% of Basic Pay. Maximum 1275; B Class----2.5%. Maximum 1210; C Class---2%. Maximum 930.

• Transport allowance—1300(Old 800).

• Cash Medical Benefit—upto Basic 60165---- 13000; above 60165-----19440.

• PG 1 Allowance—1120(Old 680)

• Audit allowance---1405(Old 850).

The Joint Session ended there.

The reporting of the Individual session with NOINO is being done separately.