Centre announces salary hike for public sector insurance companies, to pay arrears for last 5 years
All employees of these companies, including officers, will get arrears for five years.
The employees of four public sector general insurance companies will get an average 12 percent salary hike effective from August 17. The employees will get an arrear for the last five years.
A gazette notification dated October 14, 2022, said the new scheme will be called the General Insurance (Rationalisation of Pay Scales and other Conditions of Service of Officers) Amendment Scheme, 2022.
All employees of these companies, including officers, will get arrears for five years.
The next revision of pay, however, will be in form of variable pay linked to the performance of employees and the company, the notification said.
General Insurance Employees' All India Association (GIEAIA) general secretary Trilok Singh said the employees weren't happy with the new regime as employees undertake many government schemes and make them successful.
He told PTI that reforms should bring about keeping in mind the public sector nature of these companies.
The revision of wages in public sector bank and companies are done every five years.