Financial Daily from THE HINDU group of publications
Monday, Nov 29, 2004
Financial Daily from THE HINDU group of publications Monday, Nov 29, 2004 |
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Opinion
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Letters LIC clarifies
This is with reference to the report "LIC Development Officers to surrender vehicles from Dec 1" (November 26): There is no `betrayal by the management' as alleged in the report. The new scheme aims at promoting the cause of both the organisation and better performance from the field force. Secondly, the circular relating to the incentive scheme was not issued unilaterally but after discussions lasting more than three months with the representatives of the development officers. It is also incorrect to state that the conveyance allowance has been scrapped. The conveyance allowance has been merged with the incentive bonus in the new scheme and the rate of basic incentive bonus has been hiked. It is also not true that the incentive bonus was part of the salary. It was an incentive for certain levels of performance and was never part of the emoluments defined in the staff regulations. Again, it is incorrect to state that Development Officers will be losing 50 per cent to 80 per cent of the incentive bonus under the new scheme. For the same level of performance the reduction is marginal but at the same time, enough opportunities have been provided in the scheme to earn higher incentives for higher levels of performance. Moreover, service tax on agency commission is a statutory liability for LIC and it has no relevance in this context. The allegation that the revised scheme is motivated to help the private players is unfair, unfounded and totally at variance with ``the aims of the scheme. We would also like to clarify that there is no question of our accepting the vehicles of the Development Officers if they indeed surrender them as proposed, since the vehicles are registered in the names of the individual development officers and they are not owned by the LIC. Executive Director, (PR & CC), LIC, Mumbai. Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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