MUMBAI: The government is understood to have finalised a 15-16% wage hike and a five-day week policy for LIC employees.
The hike is understood to be in line with the wage increase for bank staff, which followed a bilateral agreement between bank unions and the Indian Banks’ Association.
While the wage revision in the insurance industry also follows negotiations with the unions, the final wage structure is announced by the government through a gazette notification.
The wage revision comes at a time the Centre has planned a mega IPO of the insurance giant. The government has proposed to offer shares at a 10% discount under a special quote to LIC employees.