LIC offers 11% wage hike, TUs yet to decide

The Life Insurance Corporation (LIC) has proposed a 11 pc wage hike for over one lakh staffers across different categories in the current round of wage negotiations.

However, the unions representing various categories of staffers have not yet accepted the proposal. ‘‘The last round with the management will take place on Monday after which they will have to seek the government’s approval,’’ said a senior union official.

LIC’s wage proposal cannot be compared with that of the banking industry as the corporation has a system of performance-linked lump-sum incentive. Under this system employees are entitled to get 2-3 pc incentives.