ALL INDIA INSURANCE EMPLOYEES’ ASSOCIATION
LIC BUILDING SECRETARIAT ROAD HYDERABAD 500 063
All the Zonal/Divisional/State/Regional Units
AIIEA RAISES EMPLOYEES ISSUES WITH LIC
CHAIRMAN AGREES TO PURSUE PENSION OPTION
HOUSING LOAN AND OTHER ADVANCES WILL BE SUBSTANTIALLY INCREASED
Com Amanulla Khan, President and Com V.Ramesh, General Secretary visited the Central Office of LIC on 20th February 2016 and held discussions with Shri S.K. Roy, Chairman, Smt. Usha Sangwan, Managing Director, Shri Niraj Agarwal, E.D (Personnel), Shri Prakash Chand, Chief (Personnel), Shri J. Sen, Secretary (ER) and other officials on various issues of the employees.
The Chairman shared some concerns on the growth of the new business, the turbulence in the stock markets and the declining interest rates that might impact the working of the institution. While agreeing with his concerns, we pointed out to the resilience of the institution that has stood the test of times and also assured our fullest cooperation in meeting the challenges confronting the LIC.
The AIIEA while appreciating the role played by the Chairman, Managing Director and the entire Personnel Department Team in the recently concluded wage revision requested for early solution to the residual issues.
PENSION OPTION AND IMPROVEMENTS
We requested that the issue of Pension Option to be taken up with the government again. The arguments behind this demand are too well known to reiterate. The Chairman agreed that this issue is not closed and he will take up with the government at the appropriate time and assured of his best efforts to resolve this issue.
The Chairman said that the issue of 100% DA to pre-1997 retirees cannot be resolved till the issue is settled in the Supreme Court. We suggested some improvements in the existing pension scheme and introducing of a cash medical benefit for the pensioners to give some relief from the increasing medical costs.
We requested for early instructions to be issued for revision of pension, difference in commutation, etc. to the employees who were on roll as on 1.8.2012 and retired thereafter. The officials informed that this requires formal approval of the Board and the issue will be taken up in the next meeting of the Board.
The AIIEA requested for another option to join the mediclaim scheme to the pensioners who are out of the scheme. We pointed out that many pensioners unable to bear the cost of the premium had opted out of the scheme and now with the subsidy on premium extended to the pensioners, it is only fair to give another option to such pensioners to join the scheme. We also suggested that the dependents parents and parents-in-law not covered presently should be given an option to join. The LIC assured to consider extending these options and will take it up with the insurer.
DIAMOND JUBILEE OF LIC
This year is the Diamond Jubilee Year of LIC and it will complete 60 years of magnificent work in spreading insurance and nation building on 1st September 2016. We pointed out that LIC today is the finest public sector institution in the country and all classes of employees have contributed in building this great institution. In recognition of this great work, the occasion should be commemorated with a reward to the employees appropriately. On being asked as to what is our expectation, we said it is fair enough to demand for a special increment. The AIIEA also suggested that the contribution of the pensioners and all retired employees should also be remembered and recognized through a memento.
We pointed out to the urgent necessity of recruitment in view of the increasing volumes of business and service expectations of the employees. The Chairman agreed on the necessity of recruitment but pointed out to the issues pending in various courts including the Supreme Court on this issue. We said some solution has to be found in the interest of the institution. We were also informed that the formula for staff strength is being finalized and the same will be discussed with the AIIEA.
HOUSING LOAN AND OTHER ADVANCES
The LIC has agreed to enhance the Housing Loan substantially taking into view the huge increase in cost of purchase and construction. There will be substantial increase in both the cadre loan and extended cadre loan to all classes of employees. The benefit of this increased housing loan will be extended to the existing loans also. We expect administrative instructions on this issue in a fortnight’s time.
The management agreed to increase Vehicle Advance and also to consider doing away with restriction on number of times this advance can be availed. Our demand for a Four Wheeler Loan is also agreed to be considered. The LIC has also agreed to substantially increase the Festival Advance.
5 DAY WEEK, PLLI AND LEAVE
The officials informed us that notification for 5 day week and improvement in PLLI is still pending with the government and they are following it up for speedy notification. The notification increasing the accumulation of PL to 270 days and introduction of Paternity Leave of 15 days on two occasions in the service period is also pending with the government. The notification for Ex-gratia in lieu of Bonus to the eligible employees is also with the government. The officials said they are continuously following it up with the government for early issuance of these notifications.
UPGRADATION OF RPT EMPLOYEES AND FPA ISSUE
The officials informed us that they are working for the upgradation of the RPT employees who could not be upgraded in the earlier scheme. We demanded this to be done early pointing out that this issue is pending for more than two years. LIC also agreed to restore the FPA to the eligible RPT employees who were denied this while upgrading them into full time services of the corporation.
Apart from the above, a number of individual cases and zone specific cases were also discussed and the same will be informed to the concerned zones.
Comrades, AIIEA will continue to take up the issues of employees. However, it is also the responsibility of the employees to protect the public sector insurance industry. We are confident that the employees while continue to campaign in this activity shall also extend full cooperation in closing this financial year successfully.