Something that will cheer the employees is that all their arrears since August, 2022, when the salary revision is due, will be credited to all eligible employees in October 2025
New Delhi: The government has managed to prevail upon 35,000 workforce of PSU general insurance industry with its latest 14 per cent wage hike offer.
Though, the unions of the industry had hoped for a 17 per cent wage hike, to be on par with Life Insurance Corporation(LIC) and PSU banking industry, the government is set to finalise and notify the 14 per cent wage hike soon, a senior official of a PSU general insurance company said.
But something that will cheer the employees is that all their arrears since Aug, 2022, when the salary revision is due, will be credited to all eligible employees in October 2025 coinciding with Diwali.
The details of the wage revision will be out soon, said the official.
However, 14 per cent wage hike is an improvement over 12 per cent, which the government had approved in the last wage negotiation in Oct 2023.
All the six PSU general insurance companies, New India Assurance, Oriental Insurance Company, Natioanl Insurance Company and United Insurance Company, GIC Re, Agriculture Insurance Company(AIC) had spent Rs 8000 crore in implementing the new wage revision for 44k employees implemented retrospectively for the period of 2017-22. .
The disbursement of revised salaries for the employees are unlikely to burden the companies like last time as they have been providing for it in every quarter regularly for the last two years.
That too overall size of the employees in the PSU general insurance sector have shrunk a great deal over the last years as employees have retired and replacements are not taking place as a matter of policy.
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 PSU general insurance companies 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.
Some of the PSU general insurance companies 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.
Further, the DFS officials have maintained that the merger of four companies can be a good idea, but a lot home work need to be done before decision is taken on the issue.
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.
Please consider Retired employee’s wages /pensions as per other central government employees scheme. Thank you very much.
Ramesh Hunsur.
In one sense PSGIs are not doing any inferior work either, to consider each entity separately is not objectionable until all others too are seen in the same light. Instead of demanding separate buck for each let’s all push to in parity with LIC
Yes sir your right 👍
1) Unnecessary delay in approving the WR.
2) ‘Divide and destroy’
3) Disparity in treatment of employees who work alike.
4) Inadequate revision.
Take WR AT 14 PERCENT . IT IS A GREAT OFFER.
Why only the retired ones?
In Hindi
Kyu retired ko hi kyu.
We are now tired hearing such rumors, anything true, please convey, otherwise hathi ke dant dekhney ke aur dikhane ke
Sagacity prevails at last.
New India Assurance also faces challenges similar to GIC Re on cost of living. Private sector has dawned with PSU talent only. For GICRe a monolith, such a poaching is good riddance to get new talents. For bureaucratic approach, if GIC Re wish to be blessed with different wage cycle, Country need to welcome more private reinsurers and show the mirror of talent.
@30 per cent family pension since 1995 will increase from @15 percent
Does not seems possible .
Will be from fresh date
It’s sad that the amount which is being offered is substantially less than what LIC is getting. The government for some reason believes that the GIC employees don’t work hard enough or that their job is not demanding. However no alternative so congrats to all
THANKS TO ALL THE CAMREDS
The Government of India should provide all the facilities and pay scales to GIC employees like LIC. The pay scale in GIC is very low compared to LIC.
In Hindi
भारत सरकार को एलआईसी की तरह ही जीआईसी एम्पलाइज को सारी सुविधाएं और वेतनमान देना चाहिए एलआईसी के मुकाबले जीआईसी में बहुत कम वेतनमान है
GIC Re is basically banking on the business of original general insurers and they just spread the risk globally with other reinsurers.They are doing this business by earning commission and as such they are only commission agents of insurers.
Hence, how an agent can demand better remuneration than the Principal?
Absolutely right sir. Agent can not demand better remuneration than the principal.
14% Wage revision not accepted by PSGIC.
In evey revision of pay scale of GPS offering lower% of hike by trapping different parameters. Due derailment of working employees strength GPUS have loose much bargain power. No recruitment is basic problem. Therefore GPUS unions must have to rethink on this issue in comming day otherwise will have to be accept further indiscriminated revision as offered by DFS.
Instead of always requesting parity with LIC , PSGIC need to look beyond it, and demand better terms. Non life has much bigger scope than LIC, but they have not explored it fully due to their obsession with Indemnity based policies.
Hope, they will learn soon, and grow.
Good update
Good update
Wages revision will be as the increase by 25% with maximum profile sharing ratio. And minimize the loss making business as compare to private insurance company to underwrite them
Our demand for salary and other allowances at par with LIC should be reconsidered by the government.
in Hindi
LIC के समान वेतन व अन्य भत्ते की हमारी मांग पर सरकार द्वारा पुनर्विचार किया जाना चाहिए 🙏
Congratulations to all employees 🎉🎉
Please revise pensioners’ pensions as well.
Please take care of pensioners in these times of inflation.
Pensioners do not receive any medical allowance, so provide them with a medical allowance as well.
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In Hindi
किर्प्या करके पेंशनर्स की pension भी
रिवाइज्ड कीजिये, इस महंगाई के ज़माने मे पेंशनर्स का भी ख्याल रखिये
.
पेंशनर्स को कोई मेडिकल भत्ता नहीं मिलता,
इस लिए मेडिकल भत्ता भी दीजिये पेंशनर्स को.
Government companies everytime standing with customer and private companies standing with profit
So no compiarson between Govt and private companies
Inspite of boundle of private companies working in public sector then also Govt companies wonderful achieved the targate
Thanks for good get the wage revision by all associations
Government must consider the revision in retirees pension , with 100% contribution on mediclaim premium on SI of Rs. 15,00,000/- at par with LIC.
Also consider a notional per month amount at par with banks.
Government should also take
care of OPD expenses being incurred by Senior Citizens of industry, towards heavy cost of Tests, consultation etc. by enrolling them on line of CGHS, so that the retirees can avail concessional rate of medical services from private Diagnostic Centres.
This is too low.
We should receive a pay scale similar to that of banks and life insurance companies.
In Hindi
यह बहुत ही कम है
बैंक और लाइफ इंश्योरेंस की तरह हमें भी वेतन मान मिलना चाहिए
Hope for the best
Parity with LIC must be maintained
Please consider pension updation like central government employees & others.
Equivalent to LIC required
How much did the family pension increase?
in Hindi
Family pension kitna increase hue,
Required Equivalent to LIC’s 17%
Is this news Authentic? Please guide
Ofcourse 14 per cent wage hike is an improvement over 12 per cent, which the government had approved in the last wage negotiation in Oct 2023. But comparison with last wage revision is not acceptable & justice to GIC employees, should be compared with LIC & BANKS Settlement, since in every settlement all three sectors are settling almost same wage revision.
The Retirees of PSGIC industry also expect a good deal from the GOI and request the PM and the FM for updation of their pension.
In the last pay revision in bank and LIC, their retired employees have received some amount in the form of exgratia. Whether such a provision has been provided in the payrevision for Gen. Insurance retirees. Wheather our union AIIPA has raised such Demand during negotiation with Gipsa and dfs.
Please clear the position.
Dear Friends We appreciate that our leaders are working very hard to update us about updates of our industry, my humble request is that they should take extra care for we thePensioners/Retirees.please let us know Ultimately what pensioners are going to get after all . Thanks ji
In the last pay revision in bank and LIC, their retired employees have received some amount in the form of exgratia. Whether such a provision has been provided in the pay revision for Gen. Insurance retirees.
Please consider Pension updation & revision like Central Govt Employees as we are also central govt employees/retirees.
Govt.should consider revision in pension these days of utter inflation. As per 8th Pay commission,the commission will review and recommend employees and pensioners.also the commission will consider factors like inflation.economic growth,the cost of living,modifications to the salary structure,allowan ces,and pension of central govt.employees.
8th Pay commission is expected to bring significnt salary hikes for central govt employees and retirees. 8th Pay commission set to be implimented from January 2026 will bring significant changes in the pension. There was a question, whether the fitment factor is applicable for Pensioners? Yes Fitment benefits are extended to pensioners to revise the Pension based on the New Pension commission. The retirees are expected to an increase of 30-40% hike in Pension.
My humble request is that the Retirees of General Insurance Employees are also equally blessed with the benefit of New Pension commission. It should not be uniformity applicable to all retirees., because in every 5 year there is pay revision in General Insurance and in such case they are benefited by the Salary as well as pension by the retirees.
In a nutshell, the latest wage revision with 14% hike in salary with other benefits are on the way to General Insurance Employees wef year 2022.
That means those people retired from last revision till this day is benefited by the Pay revision.
In every pay revision in GIC, the retirees of a particular period are also benefited.
But all senior retirees are left unattenuated and neglected. We are not envy with the pay revision. But the fact that in every 5 years there is pay version and employees in service as well as retired during this period are only benefited.
Hence it should be extended to all retirees with substantial benefits to to very old Retirees, as they have also sacrificed for the growth of economy of Govt, of India.
As such senioe retirees should be given more consideration in this aspect.