MUMBAI: Shares of LIC were down by over 2% on Monday after the corporation announced a 17% wage revision. The salary increase was announced by govt on Friday before the election code of conduct kicked in a day later.
The corporation’s shares are now down 23% from the 52-week high of Rs 1,175 on Feb 9.
On Friday, the country’s largest insurance company said that govt approved a wage revision for LIC employees, effective August 1, 2022. The corporation explained the hike, stating that a revision occurs once every five years. The statement said that due to the hike, there will be a 17% upward revision in the overall wage bill. The increase aligns with the wage negotiation deal signed between the Indian Banks’ Association and bank employees.
LIC’s wage revision incorporates an enhancement in NPS contribution from 10% to 14% for nearly 24,000 employees who joined after April 1, 2010. TNN
The corporation’s shares are now down 23% from the 52-week high of Rs 1,175 on Feb 9.
On Friday, the country’s largest insurance company said that govt approved a wage revision for LIC employees, effective August 1, 2022. The corporation explained the hike, stating that a revision occurs once every five years. The statement said that due to the hike, there will be a 17% upward revision in the overall wage bill. The increase aligns with the wage negotiation deal signed between the Indian Banks’ Association and bank employees.
LIC’s wage revision incorporates an enhancement in NPS contribution from 10% to 14% for nearly 24,000 employees who joined after April 1, 2010. TNN
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