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LIC wage dispute settled, 16-day lock-out lifted in 6 LIC Offices


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The prolonged 16-day lockout in the six divisional offices of the Life Insurance Corporation of India is set to conclude tomorrow, marking a significant development after both the management and the five unions reached a consensus on the contentious issues. This agreement will result in the withdrawal of suspension orders issued to employees, except in cases involving gross indiscipline, which will be individually reviewed.

It’s noteworthy that the All India National Life Insurance Employees Federation did not sign the agreement during the recent negotiations. However, representatives from the union affiliated with the INTUC expressed their willingness to sign, pending consultation with their negotiating committee.

The unions that did sign the agreement include The All India Insurance Employees Association, the All India LIC Employees Federation, the All India Life Insurance Employees’ Association, and the National Organisation of Insurance Workers.

At the conclusion of the agreement signing, Chairman Mr. Puri shared that the settlement entails an expenditure of Rs. 6 crores in addition to the existing wage bill. This substantial financial commitment is designed to secure tangible benefits for employees, encompassing improved pay scales, house rent allowances, and city compensatory allowances. Moreover, all employees are slated to receive a handsome bonus.

Mr. Puri emphasized that if employees fulfill their commitment to extend their fullest cooperation, as assured, there is a possibility of considering their demands for enhancements in provident fund contributions, leave travel concessions, and medical benefits. The settlement represents a significant step toward fostering a more amicable and mutually beneficial relationship between the management and the workforce.

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