LIC employees to get 16% wage hike, other benefits. Check details

More than one lakh LIC employees will benefit from the wage revision bill. LIC employees will get a hike in salary along with an additional special allowance. A 5-day-work week has also been approved. Here is all you need to know:

Employees of state-owned insurance company Life Insurance Corporation (LIC) will soon get a wage hike as the Finance Ministry’s Department of Financial Services (DFS) has given permission to the wage revision bill. More than one lakh LIC employees will benefit from the wage revision bill, reported the Business Standard newspaper. The approved hike given in the wage bill is 16 per cent, according to sources quoted in the report. The report noted that a loading hike of 15 per cent has been given after 100 per cent neutralisation of dearness allowance (DA). Read | LIC Bima Jyoti: Key features, benefits, and all you need to know