Insurance News

Unilateral action will vitiate industrial relations: Warn PSU General Insurance unions


“It has been more than a week since the last wage revision talks were held. We haven’t heard anything from the government or the management on the decisions taken at the meeting. We understand that the government has asked the company management to proceed ahead with notifying 12 per cent wage hike,” Girish Khurana National Convener, Joint Forum of Trade Unions and Associations (JFTU) told IANS.

According to him, the unions are expecting at least parity with the wage hike given to the employees of Life Insurance Corporation (NS:) of India (LIC).

The companies are: The Oriental Insurance Company Limited, National Insurance Company Limited, The New India Assurance Company Limited, United India Insurance Company Limited and the General Insurance Corporation of India Ltd (GIC Re).

Khurana also termed the management’s proposal to have company wise wage revision as an unheard move in the government sector.

He also said the unions are awaiting a copy of the report prepared by Ernst & Young (EY) on the restructuring of the four primary insurers.

The General Insurers’ (Public Sector) Association of India (GIPSA) — the lobby body for the four primary insurers-A had promised the unions a copy of the EY report at their meeting held on August 27, 2022.

Earlier in a communication to the unions, GIPSA had said: “The wage revision will be based on the performance of each PSGIC (public sector general insurance company) and each individual within the Company.”

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

On the organisational rejig study done by EY, the GIPSA had told the unions that 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 had said.

In letter to Suchita Gupta, Chairperson GIPSA & CMD, National Insurance on September 4, 2022, Vijay Kumar Mishra, Secretary General of The National Confederation of General Insurance Officers’ Associations wrote: “We hope that our GIPSA Management shall take the workforce into confidence on all such matters. Any unilateral decisions shall not be appreciable and may vitiate the IR environment.”

(Venkatachari Jagannathan can be reached at v.jagannathan@ians.in)

–IANS
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