Girija Subramanian, CMD, New India Assurance and chairperson of GIPSA
GIPSA chairperson Girija Subramanian has confirmed that the Department of Financial Services (DFS) has moved ahead with the notification with 14 per cent wage hike.
GIPSA officials have informed that 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.
New Delhi: Along with a 14 per cent hike in salaries, the government has also agreed with other long standing persistent demands of the unions of the PSU general insurance companies like 30 per cent family pension scheme (FPS) and higher employer’s contribution, at 14 per cent, to national pension scheme(NPS) of employees .
In a virtual meeting convened by GIPSA today, Girija Subramanian, CMD, New India Assurance and chairperson of GIPSA, the official coordinating agency of six PSU general insurance companies including GIC Re, confirmed that the Department of Financial Services (DFS) has moved ahead with the notification with 14 per cent wage hike.
It will soon be notified after finance minister Nirmala Sitharaman signs the papers.
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 assured to discuss the issue separately.
The unions have demanded for early notification of wage revision and improvements in Family Pension and NPS.