The employees of public sector general insurance companies and Life Insurance Corporation (LIC) are set to get a 17.5 per cent wage hike with the government nod to this effect likely in September.
"The four public sector insurance
companies have submitted the report to the finance ministry on August 17
asking for a 17.5 per cent across the board wage hike. The ministry
approval is expected by September end," General Insurance Public Sector
Association (GIPSA) CEO A K Singhal told PTI.
GIPSA is an association of all four
public sector general insurance companies -- National Insurance Company,
New India Assurance Company, Oriental Insurance Company and United India
Insurance Company.
The hike would be made available with
retrospective effect from 2007, he said. Sources said the employee union of
country's largest life insurer LIC has also submitted its recommendation
along with GIPSA member companies to the finance ministry.
"LIC has submitted its recommendation to the government nearly a month ago. The ministry would look into the report and a reply is expected in 4-6 weeks," a source in the know of the development said.
Post the finance ministry approval, the
report would be tabled in Parliament, which is expected to happen in the
forthcoming winter session.
The last time the PSU insurers got a wage hike was effective 2002. At that time the hike was around 13 per cent.
LIC and public sector general insurance
companies, in consultation with various employee unions, submit a
detailed proposal for a wage revision to the Centre every five years
Source -paycommissionupdates
Source -paycommissionupdates
No comments:
Post a Comment
Feel free to drop your comments and suggestions