Parshant Kumar Goyal, joint secretary, DFS
In a meeting of all stakeholders, including chief labour commissioner(CLC), today, Parshant Kumar Goyal, joint secretary, DFS assured that the Feb 15 deadline will be the maximum timeline and the department try to get the approval immediately without waiting for the timeline
New Delhi: Even as the employees of PSU general insurance companies are eagerly waiting for their new salaries, months after conclusion of wage revision negotiations between PSU general insurance companies and unions of employees along with the participation of the Department of Financial Services, the governmemnt has deferred its approval to the proposals till Feb 15.
In a meeting of all stakeholders, including chief labour commissioner(CLC), today, Parshant Kumar Goyal, joint secretary, DFS, assured that the Feb 15 deadline will be the maximum timeline and the department try to get the approval immediately without waiting for the timeline.
CMDs of all PSU general insurance companies were present in a virtual meeting.
The meetiung was convened by the CLC as the unions of the PSU general insurance industry had given a strike call on Feb 9 in view of the dealy in getting the government approval for the pending wage revision proposal.
Girija Subramanian, CMD, New India Assurance,who is also chairperson of GIPSA, the official coordinating agency of all PSU general insurers including GIC Re, stated that the wage revision negotiations have been completed in record time and GIPSA companies are ready to implement it in record time as soon as the notification takes place by the government.
Subramanian further confirmed that DFS has again assured today morning that it is a matter of few days and requested the associations not to go on strike in the interest of the insurance industry.
She clarified that there will not be any financial loss to the employees as they will get the Wage Revision alongwith arrears since Aug1,2022.
Keeping in view the assurance of JS,DFS, the CLC advised the associations to defer the strike action and fixed the timeline as Jan 31 by which the notification be issued. However, in case the timeline is missed and the notification is not issued by Feb 7, the DFS will call a meeting of GIPSA and unions to avoid any further industrial unrest, said sources.
The unions have pointed out that they are getting repeated assurances from the government without any results.
“Strike is not a very happy thing for us and now, the eagerness is converting into anger among the employees. As major stakeholders we are also concerned about any financial loss and downfall in performance as our own loss,” said union officials adding that the Jan 9 strike call has been deferred.
The PSU general insurers and the DFS had agreed on a 14 per cent wage hike effective from August 2022, following negotiations where unions initially sought parity with LIC’s higher increase, also securing other benefits like a 30% family pension scheme and improved employer contributions, with arrears.
It is a great joke on the part of the Chairperson of GIPSA that WR negotiations have been completed in record time, when it was finalised in OCT 2025 for WR to be effective since Aug 2022 ( more than 3yrs) and it is more than two and a half months now and the notification is yet to be released after the completion of tripartite talks and agreed upon by all.
This reveals the lethargic attitude on the part of GIPSA and DFS under Finance Ministry, towards Genl. Ins. sector, when WR negotiations have been completed for Nationalised Banks and LIC much earlier and implemented.
It is really perplexing why the issuance of notification has to wait, when all the parties have agreed to the final proposal by Oct 2025 itself.
Completely agreed. It is absolutely correct. Something is wrong with DFS and JS as regards pSGICs. It appears to be like Vengeance kind of attitude and or personalized agenda. This kind of attitude, situation and step motherly treatment towards PSGICs was never there in the last 4 decades. No clarity in any of the reasons given and statements made by anyone one on this. A very unfortunate and very painful for many committed hard worked working employees. Many very important family committments are in line to be fulfilled, awaiting with lot of hopes on immediate WR..that includes performing children marriages, clearing important loans taken for domestic and children education etc., DFS should see the employees’ human angle also…
Hope that PSGIC companies WR Notification will be done on or before 23.01.2026. All employees was eagerly expected before Deepavali. Once received the amount employee spending the amount what they to receive and the government also received IT deductions from the employees.
Comment *SVRS 2004 pensioners have not received any benefits including deprived of revision of 2002
One of the unluckiest employees of Gipsa. Even they are deprived of motional credit of 5 years service which has costed them a loss of 20 to 30 % of Pension
Highly unlucky ones of Gipsa
SVRS 2004 pensioners were deprived of
1. Wage revision of 2002and were given a old wages of 1995 to fix their pension
2.SVRS employees were deprived of Motional credit of 5years of service as agreed upon resulting in the loss of 20to 30%of pension which is a huge loss for employees serving 28years to 32years of sen
SVRS 2004 pensioners were deprived of
1. Wage revision of 2002and were given a old wages of 1995 to fix their pension
2.SVRS employees were deprived of Motional credit of 5years of service as agreed upon resulting in the loss of 20to 30%of pension which is a huge loss for employees serving 28years to 32years as senior employees.
Mo furt