“In today’s meeting with GIPSA through virtual mode, the Associations were offered an improved loading factor of 14 per cent. While thanking the management for their efforts to come out with enhanced offer but reiterated our demand for parity with LIC in pay scales. We demanded the GIPSA to approach the ministry for further increase in the offer and call for a physical meeting as soon as possible to discuss. We also raised the issue of non core benefits and asked the GIPSA to immediately initiate talks on non core benefits too,” said a letter from unions to its members

New Delhi: Stalemate over wage negotiation for the PSU general insurance industry continues as the various unions of the sector have stuck to their demands for a 17 per cent wage hike.

After much persistence of unions, the government had agreed to improve its wage hike offer from 12 per cent to 14 per cent on Monday.

However, the unions on Tuesday have met the GIPSA officials through virtual mode and have asked them to approach the ministry for further increase in the offer.

The PSGIC employees wage revision is pending since August 2022.

“In today’s meeting with GIPSA through virtual mode , the Associations were offered an improved loading factor of 14 per cent. While thanking the management for their efforts to come out with enhanced offer but reiterated our demand for parity with LIC in pay scales. We demanded the GIPSA to approach the ministry for further increase in the offer and call for a physical meeting as soon as possible to discuss. We also raised the issue of non core benefits and asked the GIPSA to immediately initiate talks on non core benefits too,” said a letter from unions to its members.

“We also told them that increase of 2 per cent loading will cost each company only Rs 30 crores per year,” said the letter.

The unions also pointed out the mistakes in the construction of pay scales in the assistant cadre and asked them to rectify.

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.