Press Release

Joint Front of LIC Officers & Employees
C/o LIC of India, Divisional Office-I, ‘Jeevan Prakash’
25, K.G. Marg, New Delhi – 110 001
Phone No. 011 23354984, 985

05.03.2010

Press Release

LIC Officers & Employees on Dharna on 6th March 2010

Seven major unions of LIC of India which are constituents of a “JOINT-FRONT” formed with the objective of getting a respectable wage-revision which was due as back as on 01.08.2007 will stage a Central Dharna at Jeevan Bharti, 124 Connaught Circus, New Delhi on 06.03.2010 i.e. Saturday from 2 p.m. onwards. Central (All India) leaders of all seven unions will participate in above Dharna. This Dharna is a part of our agitation programmes formulated to get a reasonable wage revision in the backdrop of the following facts:

The charter of the LIC employees has been pending since 1.8.2007. The LIC management offered a wage-rise of 17.5% to the employees on 3rd November 2009 and again on 16th December 2009 which all the unions rejected and demanded a wage-rise on the basis of LIC’s sterling performance.

Despite recession, LIC has been putting up a commendable performance all these years. To quote few figures:- A. The total premium income of LIC grew from 48963 crores in 2001-02 to 157186 crores in 2008-09 i.e. a phenomenal growth of 221% in 7 years. This is unmatched. B. During this period the number of policies increased from 12.58 crores to 26 crores. C. The total investments of LIC are a massive 10 lakh crores. D. LIC has been paying a handsome dividend to the GOI every year for a meagre investment of 5 crores by the government. This year LIC paid a dividend of 929 crores.  

For the last 25 years or so, the finance ministry officials are un-necessarily & unfairly tagging the wage-rise of LIC employees with that of the banking industry which the employees have been protesting. The Banking Industry & LIC are not comparable on any count. The reasons for our argument are so many and cannot be summed-up in this short press-release.

We, therefore, demand an immediate reasonable wage-rise.


AIIEA AILIEA AINLIEF (INTUC) Cl-IV INTUC BVKS



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PS: You may please depute your reporter to cover-up the event.