India approves 16% hike in basic wages for LIC employees: Sources
The government has reportedly given the green light for a significant 16% increase in basic wages for Life Insurance Corporation of India (LIC) employees, starting from August 2022. This means that LIC employees will receive arrears for the past two years.
Sources have revealed to CNBC-TV18 that with allowances included, the overall raise could go up to 22%. This comes as a relief to more than 1 lakh employees and 30,000 pensioners associated with LIC.
This hike is set to have a substantial financial impact, with an estimated annual implication of over ₹4,000 crore for LIC. Post-hike, LIC’s wage bill is expected to swell to over ₹29,000 crore.
With this approval, LIC staff and pensioners can look forward to better financial security, while LIC strengthens its position as a cornerstone of stability in India’s financial landscape.
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