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Over 100,000 LIC employees to get 16% wage hike

The government has given a go-ahead to a five-day working week for LIC employees

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The employees had sought a basic raise of 35 per cent but LIC had offered only a 16 per cent revision in wages

2 min read Last Updated : Apr 16 2021 | 7:40 PM IST

More than a lakh employees of state-owned insurance behemoth -- Life Insurance Corporation (LIC) -- are in for cheer as the Department of Financial Services (DFS), Ministry of Finance (MoF), has given a go-ahead to the wage revision of LIC employees.

The approved hike given in the wage bill is 16 per cent, according to sources aware of the development. A loading of 15 per cent has been given after 100 per cent of neutralisation of dearness allowance (DA).

Also, another major development that will bring cheer to LIC employees is, the government has given a go-ahead to a five-day

Topics : Finance Ministry Life Insurance Corporation of India LIC Wage bill Dearness Allowance public sector banks

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