The employees of the Life Insurance Corporation of India (LIC), deserved a good wage revision based on their performance and they got it, according to All India Insurance Employees Association (AIIEA).
"In spite of the competition, LIC's management expense ratio is by far the lowest in the industry and the LIC employees deserves a good pay package," Shreekant Mishra, General Secretary, All India Insurance Employees Association (AIIEA) said.
The AIIEA is a major union in LIC and also has a decent presence in the government-owned general insurance companies.
The bankers seem to suffer from heartburn or indigestion with the wage revision agreement signed by the unions in the LIC and the management, stated Mishra.
These include a hike in Dearness Allowance and a five-day working week for LIC's 1,35,000 employees, compared to the rest of the industry that is saddled with lower DA and alternate Saturdays offs.