LIC Imposes 5-Day Working Week For All 1.14 Lakh Employees: Is This A New Trend?
State-owned LIC will have five working days starting from May 10 since Saturdays have been declared as a holiday for the insurer.
According to a notification issued by the central government on April 15, 2021, all policyholders and other stakeholders are notified that, from May 10, all LIC offices will operate from Monday to Friday, as stated in a public notice.
“Starting May 10, 2021, office hours from Monday to Friday would be 10 AM to 5:30 PM,” it added.
Lic Employees To Get A Five-Day Week Policy
Earlier the government has finalised a hike of more than 25 per cent and a five-day week policy for the 1.14 lakh LIC employees, a top union leader told news agency IANS.
“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 per cent a month,” Shreekant Mishra, General Secretary, All India Insurance Employees Association (AIIEA) told IANS.
Wage Hike For Employees
The Department of Financial Services (DFS) of the Finance Ministry has also approved a 16 per cent wage hike for Life Insurance Corporation of India employees, sources told the Business Standard.
Almost over one lakh Life Insurance Corporation employees are expected to benefit from the wage revision as per the report noted. Moneycontrol also could not independently verify the report.
The wage increase comes after a long wait since the last one in August 2012. Salary checks are normally done every five years, but this one has been pending since August 2017. Employees were also anticipating a 35 per cent pay increase, but only 16 per cent has been approved.
In her Union Budget 2021 speech on February 1, Finance Minister Nirmala Sitharaman declared that the government would list LIC in FY22. Also, the initial public offering of LIC is expected to raise about Rs 1 lakh crore for the government (IPO).