On Sunday afternoon, GIPSA had informed the unions that the meeting has been postponed due to an urgent engagement of DFS officials
New Delhi: Disappointing 35,000 work force of the PSU general insurance industry, the much awaited meeting among all the stake holders including officials of Department of Financial Services (DFS), scheduled to be on Monday in Delhi, to discuss about the over delayed wage revision of employees, has been postponed at he last moment to Apr 30.
After almost a year long demand and efforts by the unions of the PSU general insurance industry along with the frequent intervention of the Central Labour Commissioner(CLC), the , GIPSA , the coordinating body among six PSU general insurance companies, last week had informed the unions that a meeting with the officials of DFS had been fixed on 28th Apr, raising the hopes of a final wage settlement .
However, on Sunday afternoon , GIPSA had informed the unions that the meeting has been postponed due to urgent engagement of DFS officials.
Earlier, the Joint forum of Unions & Associations of Officers & Employees (JFTU) of PSU general insurance industry, with around 35,000 workforce, had withdrawn its call for a strike in view of some positive discussion with the DFS over the matter of wage revision and other issues.
GIPSA had also informed the CLC that the performance of all PSU general insurance companies had improved and they were are awaiting DFS go ahead for calling unions for wage revision negotiation. In turn, CLC had advised the DFS and GIPSA officials to expedite and conclude the process by Apr 30
In another important development, the association had said that the DFS representative had confirmed that clause on performance linked WR, that was added while finalising the last WR .has been deleted by DFS.
Successfully concluding their wage negotiation in 2024, both the employees of banks numbering over eight lakhs and Life Insurance Corporation (LIC) with over 1,10,000 employees had got an annual wage hike of 17 per cent, which is also being demanded by the PSU general insurance employees.
The employees of PSU general insurance companies are getting much higher salary in comparison with their private sector counterparts without giving good output. Government must close these white elephants or you can say they can be white ants
Why are you getting scared, if you don’t work then what should we do?
They dare not dismissing the invaluable contributions of PSU employees with such sweeping generalizations! These companies often serve crucial social sectors and navigate complexities while facing governmental constraints. The private sector conveniently avoids them all.
This isn’t about “white elephants”; it’s about dedicated individuals serving the nation under challenging circumstances!
A very irresponsible, ignorant statement! Unlike the private sector, we IMPLEMENT the government schemes. Are you even aware of the claims ratio for PM Jeevan Jyoti Bima Yojana or PM Suraksha Yojana or even PM Fasal Bima Yojana!? It is 2.5x of what we earn as premium and YET, we IMPLEMENT it. I know for a fact that private sector avoids such risks!
Also, we don’t unnecessarily/out of ill intent reject claims – everything is assessed on merits.
Not to mention, in MACT claims, NOT A SINGLE private insurance company is ever interested in settling cases – it is WE who settle the cases avoiding further litigation – giving relief to the grieving claimants!
We are PUBLIC SECTOR for a reason. Don’t make sweeping statements without knowing things in-depth!
Don’t get jealous because majority of the private sector employees don’t get even half of what we get now. Your VPs and CXOs only mint crazy money.
Capitalism at its peak!
The employees in PFU are working and implementing Govt. Agenda in social sector which is a must to build the nation
Your statement in respect of PSU employees blaming their performance is vey irresponsible.
Why are u jealous… employees of PSU insurance companies work hard to clear all India level exams conducted by IBPS…where as anyone can get into in Pvt insurance company …
The payment employees of PSU gets bcs they deserve that and Revision of wages also… college ke bad in employees ne mehanat kiya he exams clear karne ke liye…mast nehi katii
Please think about Agent force of Public Sector Companies, like Heigher Percentages of Commission rate, regular Incentives, Growth Incentives, Profit Incentives, Motor Vehicle allowance, Mobile,Laptop Expenses throughout the Year if you think that Agents are the Pillar of the General Insurance Industries.