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Employees of Public Sector Insurance Companies have rejected 12% Wage Hike proposal given by the Government. Instead, they have demanded atleast 17% increase in salary.
Unions representing employees in the public sector general insurance industry, which includes a workforce of 35,000, have rejected the 12% wage hike proposal put forward by the Department of Financial Services (DFS). The unions are instead demanding a 17% wage increase to bring them on par with the Life Insurance Corporation (LIC) and the Indian banking sector employees.
Recently, the Reserve Bank of India (RBI) has increased salary of its employees. Click here to check RBI Salary Hike. Public Sector Banks had signed 12th BPS last year in March. Click here to check Bank Salary Hike.
However, the unions have expressed support for a positive development: the DFS has agreed in principle to revise the family pension for employees, increasing it to 30%. This move was welcomed by the unions as a step in the right direction.
Details of the Wage Revision Meeting
The wage revision discussions were held in New Delhi. The meeting was attended by representatives from the management of the General Insurance Public Sector Association (GIPSA), which represents the six public sector general insurance companies. Also, representatives from all the recognized unions of the industry, were present in the meeting.
The six state-owned general re/insurance companies included in this discussion are:
- New India Assurance
- Oriental Insurance Company
- United India Insurance
- National Insurance Company
- Agriculture Insurance Company
The Unions’ Stance on the Wage Proposal
Initially, the GIPSA management proposed a 10% increase on the basic pay and dearness allowance (DA). However, this proposal was immediately rejected by the unions. After this rejection, the management raised the offer to 12%. Despite this, the unions stood firm on their demand for a 17% wage hike to ensure parity with LIC employees and those in the Indian banking sector.
According to sources from the unions, they have been clear in their stance that the offer is still insufficient. The unions continue to push for a higher increase in salary.
Next Steps and Future Discussions
In response to the unions’ demand, the GIPSA management has assured that the matter will be revisited and taken up with the Joint Secretary of the DFS for further discussion and consideration.
The meeting was attended by the CMDs, executive directors, and general managers of the participating companies, along with the Joint Secretary and Under Secretary from the DFS. More details will be released soon.
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