The Central government has declared every Saturday as a public holiday for the employees of the Life Insurance Corporation of India.
Some good news for state-owned Life Insurance Corporation (LIC) employees. LIC employees will now have a five-day week working policy, starting from May 10 since Saturdays have been declared as a holiday for the insurer.
Pursuant to a notification on April 15, 2021, wherein the Central government has declared every Saturday as a public holiday for the employees of the Life Insurance Corporation of India.
"All policyholders and other stakeholders are informed that w.e.f May 10, all offices of LIC will work from Monday to Friday," it said in a public notice. "Starting May 10, 2021, office hours from Monday to Friday would be 10 AM to 5:30 PM," it added.
The government has amended the Negotiable Instruments Act, 1881 to declare Saturday as a public holiday with immediate effect, meaning no physical works will be carried out at its branches on Saturday.
The LIC offices across the country will work on five days (Monday to Friday) every week. The offices will be closed for visitors on every Saturday and Sunday.
The latest decision will benefit 1.14 lakh employees of the LIC. LIC employees were demanding from the government to declare Saturday as a public holiday for since long.
Likewise, the government has also reportedly finalised a wage hike for all LIC employees. Reports suggest that the hike could be up to 15-16%, while some suggested a 20% hike. As many as 1.14 lakh employees of LIC will benefit from the raise.
The hike is understood to be in line with the wage increase for bank staff, which followed a bilateral agreement between bank unions and the Indian Banks' Association. The wage revision comes at a time the Centre has planned a mega IPO of the insurance giant.
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