New Delhi: The Finance Ministry has notified an average 12 per cent wage hike for employees of four public sector general insurance companies effective from August 2017.
“This Scheme may be called the General Insurance (Rationalisation of Pay Scales and other Conditions of Service of Officers) Amendment Scheme, 2022,” a gazette notification dated October 14, 2022 said.
This wage revision is effective from August 1, 2017 and applicable to those who were in the service of these companies, it said, adding that officers and employees will get arrears for five years. The next revision due from August 2022 will be in the form of a variable pay based on the performance of the company and the employee, it added.
Unions are not happy with imposition of pay linked to performance of the company and their performance.
“We are having strong reservations against the way the wage revision has been done after the wait of 64 months. Linking wages with performance seems to be illogical as we employees undertake so many government schemes,” General Insurance Employees’ All India Association (GIEAIA) general secretary Trilok Singh said.
