Mining wage

Staff of PSU insurers will get a 12% salary increase

New Delhi: The Ministry of Finance notified an average salary increase of 12% for employees of four public sector general insurance companies from August 2017.

“This scheme may be referred to as the General Insurance (Streamlining Salary Scales and Other Conditions of Service for Officers) Amendment Scheme, 2022,” said a notice to the Official Gazette dated October 14, 2022.

This salary review is effective from August 1, 2017 and applicable to those who were in the service of these companies, she said, adding that managers and employees will receive arrears for five years. The next revision scheduled from August 2022 will take the form of variable pay based on company and employee performance, he added.

The unions are not happy with the imposition of remuneration linked to the performance of the company and their performance.

“We have strong reservations about the way the salary review was made after 64 months of waiting. Tying wages to performance seems illogical as we employees subscribe to many government programs,” said Trilok Singh, General Secretary of the General Insurance Employees Association of India (GIEAIA).