With effect from August 1, 2022, the Finance Ministry has notified LIC personnel of their FinMin pay revision, providing relief to over 1.1 lakh Corporation employees. The change would result in an annual pay bill increase for LIC of 17%.
Given that a model code of conduct for the upcoming seven-phased general elections is in place, the Department of Financial Services (DFS) in the Finance Ministry’s decision to announce the pay increase is noteworthy. Before implementing the wage modification for LIC personnel, DFS is believed to have received approval from the Election Commission.
Remarkably, the most recent pay increase for LIC staff coincides with the 17% pay raise granted to more than 8.5 lakh bank workers starting in November 2022 as a result of a two-way wage settlement deal reached by bank unions and the Indian Banks Association (IBA).
LIC carries out wage revision exercises once every five years. The Center had planned to give LIC personnel a 17% pay rise in March of this year. According to the notification released on Tuesday, April 30, it would take effect on August 1, 2022. LIC employees last received a raise in 2017.
Part also includes a one-time ex-gratia payment to LIC pensioners in recognition of their service to the organization.
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