Over 1 lakh employees of life insurance have agreed for 15 percent wage hike, 5 days week effective from August. The management agreed to a five-day week for alternative Saturdays for LIC employees. The revised pay offers 15 per cent hike in salary, which includes a 13.5 per cent increase in the basic pay and a 1.5 per cent raise in allowances like HRA, CCA (city compensation allowance) and daily commuting allowance. There is a considerable hike in the basic pay which makes all the difference and revised wages will be applicable from August 2012. Bank employees can have their basic pay revised upwards only to the tune of 2 per cent per annum.