Business Daily from THE HINDU group of publications
Tuesday, Jan 06, 2009
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Business Daily from THE HINDU group of publications Tuesday, Jan 06, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Money & Banking
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Life Insurance LIC staff seek higher wages Our Bureau Mumbai, Jan. 5 Employees of Life Insurance Corporation of India across the country staged demonstrations in front of their offices on Monday to oppose the management’s proposal of a 12 per cent increase in wages as against the unions’ demand for a 40-per cent upward revision. The demonstration was held in response to a call for agitation made by the All India Insurance Employees Association of India. The LIC management made the proposal as part of the wage negotiations. The negotiations have been on between the LIC management and the union to hike wages with retrospective effect from August 1, 2007, said a senior LIC official. The demonstrations were staged across 2,000 centres of LIC, said Mr K. Venu Gopal, General Secretary, AIIEA. While the union said that the government would take the final decision about the quantum of the hike, the senior LIC official said it is a matter of negotiations between the management and the union. The decision would affect 1,20,000 LIC employees, including grade III, grade IV and development officers, Mr Venu Gopal said. The union plans to continue with the demonstrations till their demands are addressed, he added. Justifying their demand for higher wages, Mr Venu Gopal said that internationally, 6 per cent of the premiums collected are paid out as wages by insurance companies. “According to our calculations, a 40-per cent hike would ensure that we conform to international standards”, he said. More Stories on : Life Insurance | Human Resources
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