MUMBAI, Nov 2: The Federation of Life Insurance Corporation of India Class I officers' Association has submitted fresh proposals to the management, demanding parity of scales between the wage structure of the life insurance industry and the recently-implemented Fifth Pay Commission.

The top management would take up the matter with the ministry of finance soon, said HK Nigam, a former general secretary of the officers' association.The proposed pay scales for assistant administrative officers, administrative officers and assistant divisional manager is pegged between Rs 15,100-34,300. The minimum and maximum annual increment has been fixed at Rs 500 and Rs 1100 respectively for this category.

For divisional managers and senior divisional managers, the association has asked a salary ranging from Rs 28,800-Rs 44,650. The minimum and maximum annual increment for this category is pegged at Rs 1300 and Rs 1750 respectively.

For zonal managers and executive directors the association has demanded a salary ranging from Rs 44,650-61,900. The minimum and and maximum annual increment for this category is pegged at Rs 2000-2250 respectively.

However, sources point out that the association will agree for a basic salary within the range of Rs 8,000-13,500 with an annual increment of Rs 275 for AOs, in line with the fifth pay commission. For AOs a starting salary of Rs 10,000 with a maximum of Rs 15,200 and an annual increment of Rs 325 should be provided for. The revised scale of pay for ASMs would be Rs 12,000-16,500.

The federation is also planning to take up other issues such as:* Increasing the pension to 67 per cent instead of the present 50 per cent.Increasing the accumulated privileged leave for encashment at the time of retirement from the present 240 days to 300 days

* A higher rate of interest of 13 per cent has been suggested on provident fund. The association has demanded that seven scales should be grouped into three functional group based on the finding of fifth pay commission that classified groups should be regrouped into three functional group as top executives, senior executives and executives.

* Group A should be clubbed together under the executive category, group B composed of divisional manager and senior divisional manager should be put under category of senior executive and zonal manager and executive director which is called group C should be merged under one category to be termed as top executive.

* Further the demand says that in case of non-promotion the officer in each group will automatically be shifted to next higher cadre and scale of pay. The federation, in its memorandum, has represented that due to the gap between demand raised by federation and offers made by the management for revision of pay scales and other benefits, the LIC officers are lagging behind the RBI/SBI officers in this regard.

The federation has also suggested that the management should consider their stand on fixing the retirement age at 60.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.