Government to brief PSU general insurance

by IANS |

Chennai, Aug 24 (IANS) With talks on wage revision on between the unions in the public sector general and reinsurance companies, the General Insurers' (Public Sector) Association of India (GIPSA) seems to have bowled a googly at the unions.

In a communication to the unions, GIPSA-the lobby body for the four public sector general insurers- said: "The wage revision will be based on the performance of each PSGIC (public sector general insurance company) and each individual within the Company."

All these years, the wage revision was common for the four general insurers - The Oriental Insurance Company Limited, National Insurance Company Limited, The New India Assurance Company Limited and United India Insurance Company Limited.

"Wage revision of each employee to be linked with the performance of the organisation and his/her own performance," GIPSA said.

According to GIPSA, the primary component of the wage revision will be variable (performance based). However, a small fixed component of the pay shall be towards the cost of living adjustment during each appraisal and wage revision cycle.

The GIPSA has informed the unions in the four general insurers and the General Insurance Corporation (GIC Re) that a meeting with the heads of the above companies, General Managers has been called on August 27 morning at Faridabad.

The meeting will be chaired by Saurabh Mishra, Joint Secretary, Department of Financial Services, GIPSA said.

On the organisational rejig study done by Ernst & Young (EY), the GIPSA said, the diagnose phase is just over and the design phase is going to commence shortly.

"Hence, this is the appropriate time when the findings of the Diagnose phase should be shared with Employees' Unions/Associations and their inputs are gathered which can be gainfully utilised while designing and thereafter implementing the Project," GIPSA added.

Latest News
Slack CEO to quit Salesforce in Jan 2023 Tue, Dec 06, 2022, 01:15 PM
After iPhones, Apple now plans to shift some iPad production to India Tue, Dec 06, 2022, 01:14 PM
Pakistan's Haris Rauf ruled out of Test series v England Tue, Dec 06, 2022, 01:13 PM
Neymar pays tribute to ailing Pele Tue, Dec 06, 2022, 01:12 PM
Brazil cruise past S.Korea 4-1; set up Last 8 clash with Croatia Tue, Dec 06, 2022, 01:10 PM
Tite hails Brazil's 'offensive boldness' Tue, Dec 06, 2022, 01:09 PM
Denmark saw record number of bankruptcies in Nov Tue, Dec 06, 2022, 01:08 PM
Turkish intelligence kills senior YPG member in Syria Tue, Dec 06, 2022, 01:07 PM
Violence, harassment at work affect nearly 23% of people globally: ILO Tue, Dec 06, 2022, 01:05 PM
Sweden's extradition of PKK member shows goodwill: Turkey Tue, Dec 06, 2022, 01:05 PM
Greek businesses, households shift to solar power amid energy crisis Tue, Dec 06, 2022, 01:04 PM
633 migrants rescued off Libyan coast in past week: IOM Tue, Dec 06, 2022, 01:03 PM
Diplomacy, foreign policy contributors honoured at UN with Diwali Foundation award Tue, Dec 06, 2022, 01:02 PM
Miscreants loot cash, jewellery worth Rs 30 lakh in Bihar's Samastipur Tue, Dec 06, 2022, 01:01 PM
'Flying Squad' formed to stop noise pollution in Goa Tue, Dec 06, 2022, 01:00 PM