Federation of LIC Class-I Officers’ Associations has  has rejected the offer of 15 per cent wage hike,on the wage bill as on 01st August 2017. offered by the management of the Life Insurnace Corporation(LIC).  

Speaking on behalf of our Federation, S. Rajkumar, general secretary,Federation of LIC Class-I Officers’ Associations,made it clear that offer, on the  line of banking industry, is not acceptable to their Federation.

“We have requested the LIC Management to come with revised offer after consulting with government and we want this exercise to end at least by December 2020. We have made it clear that whatever be the hike in percentage, wage revision proposals will not be acceptable to our Federation, if there is no solution for stagnation, especially in ADM, AO and AAO cadres. We also demanded a re-look into the ‘Pay Matrix’ based on the cabinet recommendations of Govt. of India and the 7th Pay Commission,'' he said.

He said that, while submitting charter in July 2017, the then chairman, Sri V K Sharma, has made it clear that the LIC had de-linked from banking pattern and should never follow them.    

He pointed out that, the banking industry is bleeding with NPA and most of them are in red. He highlighted that; the wage revision should be based on the performance of the LIC of India, paying capacity of the LIC of India and parity with Central Government and other Navarathna companies and not in similarity with Banks.

The LIC Management on Wednesday had invited all the Unions for a virtual Information sharing session on 30th September 2020.

The LIC was represented by M R. Kumar, chairman; Mukesh Gupta, MD, Smt. Pratibha Kher, executivedirector, (Personnel), Baburao Humraskar, President, S Rajkumar, general Secretary and BPS Chauhan, secretary (Orgn) represented our Federation of LIC Class-I Officers’ Associations.

Kumar pointed out that LIC has done extremely well even in the most trying situations. He said that, he is happy as the LIC had regained some of the lost market share and is leading the Indian insurance market with over 71 per cent market share. The LIC chief said that, the COVID 19 pandemic had thrown up new challenges and businesses have to attune themselves to new technologies.

He emphasised that the organization should now focus on to multi skilling, adoption of technology with open arms and revolutionary changes in customer satisfaction and all should contribute towards its vision to be the ‘Insurer of Choice’.

The Federation also demanded that suitable steps should be taken to speed up the notification of revision of Family Pension which is already approved by the LIC Board.

“We also expressed our problems related to implementation of COVID protocol in various places. Our request for empathetic consideration of leave for the absenceduring the lockdown due to COVID, is still ignored. Even after positive cases identified which exposes people for greater risk, the office is not closed even for 48 hours as per Government instructions. The quarantine leave is not given even after becoming primary contact in the Office. We urged the LIC management to bring suitable arrangements for modifications in Mediclaim for COVID treatment. Interest free advance,;; said the Federation.