CHENNAI: The new FY 2020-21 has started for nearly 1.14 lakh LIC employees on a happy note with over 25 percent hike in their pay packets, said a top union leader.
The Central government on Thursday notified the revised pay packets for Life Insurance Corporation of India employees. The wage revision is effective from 1.8.2017.
"The employees are happy with the wage revision that has come at a difficult situation. The pay hike for the employees is expected to be over 25 percent per month," Shreekant Mishra, General Secretary, All India Insurance Employees Association (AIIEA) said. He said a loading of 15 percent has been given after 100 percent neutralization of dearness allowance (DA) at 6,352 points of consumer price index (CPI).
An additional Special Allowance ranging between Rs.1,500 to Rs.13,500 per month has been introduced for all cadres, which shall be reckoned for the purpose of calculation of dearness allowance (DA) but will not count for any other purpose i.e. house rent allowance, city compensatory allowance, privilege leave encashment, gratuity, superannuation benefit and others.
An additional Special Allowance ranging between Rs.1,500 - Rs.13,500 monthly has been introduced for all cadres, which shall be reckoned for the purpose of calculation of DA but will not count for any other purpose i.e. house rent allowance, city compensatory allowance, privilege leave encashment, gratuity, superannuation benefit and others.
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