The revision is expected to be a hike of 15% applicable to 60,000 of the PSU’s employees.
News regarding wage revision for General Insurance employees is expected to be announced soon.
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Salary Hike Incoming?
Finance Ministry sources said that the revision will likely take place in this year itself and so an announcement on that should be made soon.
The revision is expected to be a hike of 15% applicable to 60,000 of the PSU’s employees.
Waiting Since 2017
Wage revisions are scheduled every 5 years and the one pertaining to this PSU in particular has been pending since August 2017.
Thousands of employees have been affected by the delay, especially since other PSU Banks and LIC have already announced their respective wage revisions.
Warning Regarding Arrears
GIPSA Chairman and CMD of New India Assurance Mr. Atul Sahai promised that the issue would be resolved “mostly till December”.
But he also warned employees that they would have to prepare to “struggle for arrears”.
Gen Insurance PSUs In India
The PSU General Insurance sector comprises National Insurance, the New India Assurance, the Oriental Insurance and the United India Insurance.
These 4 companies together employ over 60,000 people.
Performance Struggles
Out of the 4, only New India Assurance is a public listed company and in sound financial health.
The remaining three are struggling due to decline in market share and increased competition from private players.
Finance Minister Nirmala Sitaraman had said in the Union Budget speech that one of the GI companies will be privatised.
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