Centre okays salary hike, five-day working for LIC employees
The LIC offices across the country will function on five days (Monday to Friday) every week. The offices will be closed every Saturday and Sunday.
The Central government has declared every Saturday as a public holiday for Life Insurance Corporation (LIC) with effect from May 10. The office hours from Monday to Friday would be 10 am to 5:30 pm, starting from 10 May.
This means that the LIC offices across the country will function on five days (Monday to Friday) every week. The offices will be closed every Saturday and Sunday.
The government had amended the Negotiable Instruments Act, 1881 to declare Saturday as a public holiday with immediate effect. The amendment suggested that no physical work would be carried out at its branches on Saturday.
This decision by the Centre is supposed to benefit 1.14 lakh employees of the LIC.
As per several reports, the employees of the state-run insurance company have been demanding from the government to declare Saturday as a public holiday for a long while.
The Centre has also announced wage revision with effect from 1.8.2017. The government had issued a notification to revise pay packets for LIC employees. As per the notification, the LIC will grant a wage hike of 25% to its 1.14 lakh employees across India.
LIC is an Indian government-owned insurance and investment corporation. It is under the ownership of the Ministry of Finance, Government of India. The insurance and investment corporation was established in 1956.
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