Unions want a 17 per cent hike to be on par with the Life Insurance Corporation(LIC) and the Indian banking industry. The GIPSA management has assured that the matter would be taken up again with the Department Financial Services for further consideration, according to union sources
New Delhi: The unions of PSU general insurance industry, representing 35,000 workforce of the sector, have rejected the 12 per cent wage hike offered by the Department of Financial Services and want a 17 per cent hike to be on par with the Life Insurance Corporation(LIC) and the Indian banking industry.
However the unions have welcomed the development where the DFS finally has given in-principle agreement to revise the family pension of employees to 30 per cent
Wage revision discussions among all the stake holders were held today in New Delhi between GIPSA management, the representative body of six PSU general insurance companies, and representatives of all recognised unions.
According to the union sources, initially, the GIPSA management proposed a 10 per cent loading on basic Pay and dearness allowance (DA), which was unanimously rejected by the unions. Following this, the management increased the offer to 12 per cent.
However, all unions stood firm in demanding parity with LIC employees and urged the management to enhance the offer further.
In response, the management assured that the matter would be taken up again with joint secretary, DFS, for further consideration.
The companies were represented by their CMDs, executive directors, and general managers of the participating companies, along with the joint secretary and under secretary from the DFS.