The Central government has declared Saturday as holiday for Life Insurance Corporation (LIC) employees. LIC is a state-run insurance company under the ownership of Ministry of Finance.
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 long.
In another related development, the Centre has announced wage revision w.e.f. 1.8.2017. The government has issued a notification to revise pay packets for LIC employees.
According to Shreekant Mishra, general secretary, All India Insurance Employees Association (AIIEA), the pay hike for the employees is expected to be over 25 per cent per month.
The insurance and investment corporation was established in 1956.