Friday, October 16, 2015

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.

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