The GIPSA has called for a virtual meeting of unions on Tuesday noon
Earlier, the unions of of PSU general insurance industry had rejected a 12 per cent wage hike offered by the Department of Financial Services and demanded a 17 per cent hike to be on par with the Life Insurance Corporation(LIC) and the Indian banking industry
New Delhi: With much persistence from unions of PSU general insurance industry, representing 35,000 workforce of the sector, the government has agreed to improve its wage hike offer from 12 per cent to 14 per cent on Monday.
All union leaders of the PSU general insurance industry received intimation from the GIPSA, the official coordinating body of six PSU general insurance companies about a revised higher offer of 14 per cent on Monday late evening, said sources in the industry.
“A revised offer of 14 per cent has been received by unions from GIPSA on the PSGIC employees wage revision pending since August 2022” said sources.
However, it is not yet known whether the unions are accepting revised higher offer or will continue their protest for a higher offer of 17 per cent.
The GIPSA, has called for a virtual meeting of unions on Tuesday noon.
Earlier, the unions had rejected a 12 per cent wage hike offered by the Department of Financial Services and demanded a 17 per cent hike to be on par with the Life Insurance Corporation(LIC) and the Indian banking industry.
The unions have justified their demand arguing that they deserve a dignified deal on par with other PSU companies in the financial sector services sector and also the PSU general insurers are now performing well in all parameters with higher profitability.
The PSGICs had achieved financial turnaround in Q3 FY 25, posting a combined profit of Rs 1,066 crore on the back of various reforms by the finance ministry.
PSGICs, that historically reported losses, witnessed a major turnaround with all of them becoming profitable again in Q3FY25, the finance ministry had said in a statement.
The six state owned general re/insurers are- New India Assurance, Oriental Insurance Company, United India Insurance, National Insurance Company and Agriculture Insurance Company and reinsurer GIC Re.
GIC Re , which leads the pack with the largest profit, has demanded a separate deal for its 500 employees on the basis of its nature of its business and profitability.
GIC Re has argued that it needs a much higher pay package to retain its employees who face poaching threat from other reinsurers and all its employees are located in Mumbai where cost of living is much higher.
For the last wage revision concluded in Oct 2023, the four multiline PSU general insurers had to sell their investment portfolio to settle wage hike of 12 per cent.
However, proactively, all the six companies have been providing funds every quarter since FY 24-25 to meet their outgo out of the current round of wage negotiation.
The unions had welcomed the development where the DFS finally has given in-principle agreement to revise the family pension of employees to 30 per cent.
Excellent job done by union
Very nice
But we should get at par with LIC then there will be no disparity in salaries
Fake news. Nothing is official yet. #PSGIC WR AT PAR WJTH LIC
GIPSA has given 14% wage hike, that’s not the expected of JFTU, we demand at far with LICI, we are in struggle path to achieve our demand.
Where is the issue of NPS contribution of 14 percent, wasn’t that also one of our demands?
But DFS is ignoring implementation of clause 3B Annexure Iv of Pension Scheme 1995 for enhanced DEARENCE allowance for Pensioners where the earlier retired Pensioners of these 6 companies are struggling over last 4 years
They should raise it to 17 % as demanded by unions to bring it at par with LIC and banking sector.
Not fare. At par with LIC is reasonable.
Not fair and justice. At par to LIC is justice.
We demand wage hike at par with LIC only 🙏
Why DFS ignoring Basic Pension updation.
Huge gap in DA/DR per slab amounts between old and new pensioners. Nobody is serious except we pensioners.
Suggest Out of 17%, provide 5% for pension updation.
What is the authenticity of this msg
Dear Sir/All
First of all, I congratulate you and other Leaders of JFTU to stick to the demand that GIPSA Employees must get parity with WAGES being paid to LIC Employees.
The work being done by the GIPSA employees is much more complicated and professional due to multifarious risks to be underwritten and managed.
Secondly, we are under the same GoI and same Ministry where Financial Sector employees must be honorably paid Wages and other benefits as in the past several decades.
At the same time JFTU must also protect the interests of Pensioners who are deferred Wage Employees only.
Unless Pensioners realise that their interests can only be safe and protected through the In-service Unions our long pending issues will never be resolved by the AI Pensioners Associations and its Leaders who are defunct & invisible.
Your views are welcome.
VK Bhasin
GIPSA ARMY OF PENSIONERS
🙏🙏
Unions and employees are not accepting this. We want parity with LIC in basic salary structure and not even that 17%.
Where were your media persons when employees were agitating on the streets and at jantar mantar. Today just an informal offer came verbally and you people started humiliating employees emotions. Shame on you. Be transparent and fair.
Winning through JFTU
Nothing less than party with LIC, we are ready to accept better salary than LIC .
We demand at Par LIC basic
It is very much acceptable by the union leaders ,it is tough time in regime of bjp govt it is satisfactory,otherwise it will be only delayed, and next revision will due in 27.
Useless…Fake Narrative…
Nothing@par with LIC is acceptable as the demand of parity in wages with LIC is genuine and commensurate with the performance of PSGIC . GIPSA is playing with the sentiments of employees though they also recommended and DFS too accepted the reasoning of the justified wage demand. But then this offer WHY?
Wages @par with LIC is acceptable, nothing less than that
Nothing but nothing less than LiC.
NOTHING LESS THAN AT PARITY WITH LIC IS ACCEPTABLE TO US………
Who told you that Investment was sold last time ???
If you dont know , dont spread rumours.
Pay at Par with LIC chahiye. Khud ki aukat LIC ke 1% bhi hai ya nahi wo to dekh lo pahele.
PSGICs are providing relief to all the road users and poor victims ( not only Indians but all road users) on behalf of the insured for an unlimited liability as per MV act. Nowhere in the world this unlimited liability for road accidents is there except in India whereas LIC provides relief only to its Policyholders.
Thus to sustain this concept of equity in insurance sector as a whole, there should not be any disparity between LIC and GIC.
Till 2015 wage revision, this concept was upheld and in 2017 wage revision GICs were given step motherly treatment and LIC was put on a high pedestal thereby weakening the insurance work force divide and rule. At least now Govt should not view insurance sector in pieces and bring in uniformity.
On par with LIC only, We are working hard, This is wage humiliation not revision.
WAGE REVISION SHOULD BE EQUAL TO LIC, UNIONS SHOULD ALSO DISCUSS ABOUT LUNCH COUPAN AND ENCASHMENT OF LTS LIKE BANKS.