Girija Subramanian, CMD, New India Assurance and chairperson of GIPSA
GIPSA chairperson Girija Subramanian, in a meeting with unions, 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.
The unions have also consistently opposed the concept of performance-based wage revision, which was added as a key feature during the last wage negotiation , at every stage of discussion.
“Through persistent effort, we ensured that such a divisive and discriminatory proposal was removed, thereby safeguarding the interests of all officers,” said sources from unions.
Family pension must updated
Kindly clarify whether SVRS people are eligible for revision in Family Pension or not.
SVRS people were denied an increment which was due to them because at that time revision was effective from much earlier date of SVRS.
Please give approval and implementing of family pension scheme from 15 to 30 percent is long standing demand
Why not?
Yes we very much invite Government decision which is being delayed long long.
Though the wage revision appears to be quite handsome it entails many lacunaes.
☆ Introduction of qualification allowance is welcome, it has been effected prospectively, i.e., from 01.10.2025. In relatively all other perks have been effective retrospectively. Here the class of officers who, recently retired after 01.08.2022, form a minuscule lot are being denied legitimate benefits. Had this benefit retrospective like others then would have helped the poor retirees too. Why the Unions could not throw light on this point is a surprise to anybody.
☆ Elevation of NPS contribution to 14% is really a commendable step, yet this sort of cushioning has relatively not helped any retirees. A consideration of 1-2 percentage point more should have been disproportionately allowed to those retired after 01.08.2025. This would have compensated those who retired within the bracketed date criteria.
☆ Considering the galloping promotion opportunities created to present class of workers, retired lot has be unjustly shackled without nay such opportunities for decades. Nowadays guys get promotion at every drop of hats, which otherwise had been a dream even if one could get such elevation once in a decade, no matter how better qualified or how best be he or she has put in herculean efforts at his desk. In light of this fact some back dated compensating contributions in the pensions of the erstwhile lot of retired.
Retired persons will get ex gratia payment like Bank & LIC yes or no
Is there any such provision in wage revision
In the last wage revision itself general insurance was paid lower increase compared to banks & LIc. This revision of 14% increase is again lower than banks & LIC & that too after 3 years of their revision. Actually finance ministry is biased against general insurance industry which gives protection to life, property & industry which otherwise collapse impacting the economy of the nation. The ministry is totally callous & irresponsible.
Panchanan Nayak
Comment- exactly right
बिलकुल सही
30% Family pension is long awaited demand of retirees. It’s a welcome decision.
2027 WR should be effected without any delay as GIPSA has to equals with LIC and IBA
Yes Agree and felt deprived .we used to get 1 promotion after 10 to 12 years and had to retire Scale 4 only.
Welcome the Revision in Family Pension
It is a good news for Family Pensioners
I am also agree with it.
When Lic & banks are already benefitting why we are being deprive of this benefit till now.
SVRS people shall get nothing
Family Pension hike from 15% to 30% should be from 1.08.2022 as per earlier discussion with DF and all the unions.
Very good observation made by you
Monetary benefits or weightage for promotion should be given and not both. There’s no use in giving both as many junior employees are using this for their promotion purpose only and they are not using in the day to day office work.
Yes, I am agree with you
For retired employees nothing is there so please clarify what are benefits are given.
Pension Updation or ex gratia payment in lieu of the same as granted to Banks/LIC employees should have been given to retirees of GIPSA Companies who retired before 01.08.2022.
Respected Sir/Madam,
I aggree with you comments for upgradation or ex-gratia for retired employee.
Yes, I agree to your point
PSGIC employees have acheived handsome Wage revision at 14% wage hike along with 14 NPS contribution, 30% Family Pension and handsome qualification allowance for officers. All credit goes to patience and struggle of employees under the banner of JFTU.
Hoping for early notification and disbursement of arrears before Deepawali.
PSGIC employees have acheived handsome Wage revision at 14% wage hike along with 14% NPS contribution, 30% Family Pension and handsome qualification allowance for officers. All credit goes to patience and struggle of employees under the banner of JFTU.
Hoping for early notification and disbursement of arrears before Deepawali.
I totally agree with you
100% ex-gratia should be paid to all retirees who have not benefitted from this wage revision. This is why ex-gratia has even been paid in LIC and in banks. Our Retirees Association should definitely fight for this genuine compensation.
Yes
Revision in Pension also to be considered like Banks
let us hope for the best.
Employees retirement early say just before 2005and surviving are getting pittance of pensionsince 3or4 wage revision taken place so every pensioner who reited after each wage revision progessly got better pensions!
There was no pension upgradation for general insurance retireestill now,unlike banking and life insurance retirees.
The position of family pensioners is much pathetic. This need unions urgent attention.
The government for it’s own reason takes some changes iinGST this pension change. We also expect some reduction in fuel prices which may reduce cost of living for every one.
I fully agree with your views.Even though we have acquired qualification in service but lack of promotional opportunities hit our career a lot. Unions must fight for payment of qualification alliance wef August 2022 so that we have some satisfaction in remaining part of our life. Jai hind jai Oriental.
Past four years did not see any profitable performance or growth in market share by these Companies. WR beneficiaries are from GM to Sub staff and they are responsible for this debacle and were eating on family silver earned. If a family member is not doing well, others can help him/her but not reward for non performance. Poor Agency service and customer care are their hallmarks in last four years. Hope atleast Government take a decision to bring in discipline like Banking Sector here too.
I fully agree with your views on this issue.Unfortunately the Retirees Associations have never pressed hard for these demands.When they talk of parity with LIC,how they can sideline this very much justified benefit to the surviving Retirees.
In banks CAIIB Part I gets 1 increment & part II gets 2 increments whereas in ours only technical allowance.
Atleast it could have been introduced retrospectively
Yes
Revision in Pension also to be considered like Banks
let us hope for the best.
What about MBA technical qualification allowance, please clear
Technical qualification allowance whether applicable for all cadres in class 1 ?
In this wage revision *when Technical qualification pay extended to Class 1, the Max amount payable under the head CCA, Travelling allowance and Lumpsum medical payment on par with Class 1 should have been extended to Class 3 & 4* Since it is denied, this lead to disparity in wage bill of these two classes.
The Basic structure of Scale II is drawn in such a way on promition Scale 1 will be rewarded with almost two increments with Rs.5 less. In the present structure Scale 1 8th stage to 19th stage are similar to Scale 2 of Stage 1 to Stage 12.
What about retirees officers who has been taken VRS under Golden Shake Hand Scheme?
Is there any Ex-gratia payment for those employee?
Please clarify.
Not applicable for those exited by VRS and Golden Handshake
Is family pension effective from August 2022 or effective from 2025?
Technical qualification made by officers retired earlier should have been allowed some %age of the monetary benefits so declared, as their labour for this achievement has not only contributed to the wellness of the Company’s health by use of their expertise, but also no increment was allowed to them for the hard labour they have invested for the same. Again pensioners should be allowed some revision in their pension with every W. R. then such a tough task & with comparatively a poor WR scenario.