Wage Revision of PSU Insurance Company Employees Finalised! Government Approves 14% Salary Hike

The General Insurance Public Sector Association (GIPSA) chairperson Girija Subramanian has confirmed that the Department of Financial Services (DFS) has finalised 14 per cent wage hike for insurance sector employees. Employer’s contribution to NPS will also be enhanced to 14 per cent with effect from Aug 1, 2022.

Along with a 14 per cent hike in salaries, the government has also agreed with other long standing demands of insurance employees like 30 per cent family pension scheme (FPS).

The GIPSA officials have also informed that the technical qualifications for class I will be introduced with prospective effect while the higher salaries and employer’s contribution to NPS to be enhanced to 14 per cent with effect from Aug 1,2022.

The DFS has also allowed several technical allowances for the employees by which a Licenciate will receive Rs 800, an Associate will be paid Rs 3200 and a Fellowship will be awarded Rs 6300. The unions have welcomed the introduction of technical qualification allowance for class I cadre and asked for commensurate compensation for class III and IV cadres to maintain inter cadre relativity. GIPSA has assured to discuss the issue separately.

More details will be released soon.