38 employees of LICI get 7.5% salary increase

Good news for all the 38 employees of Life Insurance Corporation of India as they got a 7.5 percent salary increase across the board.

LICI General Manager YS Ashok says this has been made possible after an agreement was reached between LICI and the Fiji Bank and Finance Sector Employees Union.

Ashok says this includes their employees from Suva, Labasa and Lautoka who give good service to the policy holders.

He also announced that the employees will now have a retirement age of 60 years with an option to voluntarily retire at the age of 55 years.

He says as a retirement benefit they are proposing a gratitude benefit to all employees who are retiring on superannuation at the age of 60 or 55.

Ashok says this is a unique benefit as the concept of gratitude may not be there as a statutory obligation however LICI have decided to provide this to all employees so that they can plan on getting a lump-sum benefit on retirement.

Meanwhile, the National Secretary of the Union, Sailesh Naidu says they faced some challenges in trying to come to an agreement but was grateful that it has come.

Naidu reminded the employees to have a culture of saving money as we are going through difficult times because of the effects of COVID-19.

He told the employees that the 2020-2021 budget has reduced a lot of duties so that people can buy, but they need to think carefully and use their money wisely.