General Insurance Employees’ All India Association (GIEAIA) has expressed its reservation about linking pay to performance and demanded the merger of all 4 public sector general insurance firms.
Linking wage revision for the wages from 2022 with the performance of the person and the corporate is opposite to the follow in any PSU, central or state authorities, the GIEAIA mentioned in a press release.
This motion, if carried out, shall result in encourage privatization within the identify of key performance indicator (KPI), GIEAIA general secretary Trilok Singh mentioned.
The most unlucky half is that immediately Department of Financial Services (DFS) officers aren’t addressing the actual and critical situation to offer stage -playing area to the general public sector general insurance firms (PSGICs), he mentioned.
The DFS has failed to manage the unethical practices of the personal gamers within the insurance sector, he added.
The union desires the federal government to undertake a right away merger of all 4 PSGICs right into a single monolithic company in step with LIC in the perfect curiosity of the policyholders, workers and the residents at giant.
The union was additionally not pleased with the 12.05 per cent wage hike after 5 years wait.
Last week, the Finance Ministry notified a mean 12 per cent wage hike for workers of 4 public sector general insurance firms efficient from August 2017.
It is a matter of critical concern that the general public sector general insurance firms who gave good-looking income and dividends for the years from 2012 to 2017 and efficiently carried out varied Government Social Security Schemes like Ayushman Bharat, Pradhan Mantri Fasal Bima Yojana, Corona Kawach coverage, aren’t given correct wage hike.
The PSGIs throughout the interval of 2012 to 2017 contributed greater than Rs 10,000 crore as dividends to the federal government, it claimed.
