GIPSA in its communication to the fincial services department yesterday said,“ Unions have given their unanimous in principle agreement to the wage revision offer made to them by GIPSA management and have conveyed that they are eagerly awaiting the Gazette notification. The Conciliation Officer has also noted the widespread resentment and disappointment of workforce, frustration and feeling of neglect over the inordinate delay in notifying the new salary revision of the industry

New Delhi: With the completion of the Bihar Assembly, the GIPSA, the official coordinating agency for the six PSU general re/insurnace companies, has written to the financial services department to quickly notify the much awaited wage revision proposal for the 34k workforce of the industry.

Though,it was expected that the Ministry of Finance to notify the proposal last month, around Diwali, the model code of conduct due to the Bihar Assembly election, announced on Oct 6, had forced the the government to postpone the decision.

In the final wage revision negotiation, concluded last month, along with a 14 per cent hike in salaries, the government had 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 .

GIPSA in its communication to the fincial services department yesterday said,“ Unions have given their unanimous in principle agreement to the wage revision offer made to them by GIPSA management and have conveyed that they are eagerly awaiting the Gazette notification. The Conciliation Officer has also noted the widespread resentment and disappointment of workforce, frustration and feeling of neglect over the inordinate delay in notifying the new salary revision of the industry.

The letter further said in view of GIPSA’s continuous efforts to maintain industrial relations as a responsible insurer and employer, an early approval of wage revision proposal can help further to keep the workforce motivated. This in turn will help GIPSA companies to grow healthier and perpetually profitable and give stiff competition to private sector insurance companies.