LIC unions submitted Charter of Demands with 40% salary hike demand,

What's Establishment expenses? Ans: it's a total staff cost expenses, on which IBA make Offer. Last time they offered 13.5% raise. Then increased cost get divided into different heads like Basic, DA, allowance, Pension, NPS & Special Pay. So max load factor on Basic demaded.

LIC unions submitted Charter of Demands with 40% salary hike demand, Bank's Union leaders waiting for 2% offer from IBA like last BPS. Last time LIC got 15% hike with 13.5% in Basic Salary with 5 Days week. While Bankers got 2% hike in Basic.

Let's decode undisclosed establishment expenses as on March'22. 58,500 Cr - Cost till March'17 +7,900 Cr - 11 BPS cost hike =66,400 Crore Which is Avg of 5 Yrs (2017-22), So establishment expenses should be 70,000 Crore at end of March'22 & Positive offer would be 13-15%.

Basic Salary (Nov'17) 7th CPC 56,100 LIC Officer 53,600 Bank Officer 36,000 Pay Parity can only be achieved if 𝐒𝐩𝐞𝐜𝐢𝐚𝐥 𝐚𝐥𝐥𝐨𝐰𝐚𝐧𝐜𝐞 & 𝐃𝐀 merged with Basic Pay with additional load factor of min 4%.