The Federation of LIC class-I officers' Association has gone on a nation-wide strike on Thursday to protest against non-acceptance of their demands on the wage revision by the management of the Life Insurance Corporation.
Some officials had also gone on a hunger strike on Wednesday in Hyderabad and were forced to end it on police intervention.
"Except Mumbai, the strike has been successful in the rest of the country," claimed R Gunasagar, president of the Federation.
Prominent Congress leader Oscar Fernades is the chairman of the federation. Gunasagar said while the government is insisting 17% rise in the wage, the Federation is demanding the same hike as sixth pay commission.
"Our own management is even refusing to send our demands to the ministry of finance and is insisting that we should accept 17% hike like the banking industry did, That is not clearly acceptable to us," he said.
Gunanasagar said LIC only incurred 2.33% as administrative expenses and pays currently pay Rs 1000 crore as dividend to the government on its Rs five crore investment in 1956.
Gunansagar said the the wage package of employees of the LIC cannot be compared with that of the banking industry as latter has been given pension benifits over the 17% salary hike.
Some officials had also gone on a hunger strike on Wednesday in Hyderabad and were forced to end it on police intervention.
"Except Mumbai, the strike has been successful in the rest of the country," claimed R Gunasagar, president of the Federation.
Prominent Congress leader Oscar Fernades is the chairman of the federation. Gunasagar said while the government is insisting 17% rise in the wage, the Federation is demanding the same hike as sixth pay commission.
"Our own management is even refusing to send our demands to the ministry of finance and is insisting that we should accept 17% hike like the banking industry did, That is not clearly acceptable to us," he said.
Gunanasagar said LIC only incurred 2.33% as administrative expenses and pays currently pay Rs 1000 crore as dividend to the government on its Rs five crore investment in 1956.
Gunansagar said the the wage package of employees of the LIC cannot be compared with that of the banking industry as latter has been given pension benifits over the 17% salary hike.
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