Around 60,000 employees working in the General Insurance public sector undertakings (PSU) are likely to see a 15% wage revision soon, according to a report by Zee Business.
Finance Ministry sources said that the revision of wages for 60,000 PSU employees is expected to take place in this year itself. This means that an announcement in this regard would be made soon.
It is to be noted that wage revision usually takes place once in five years and the wage revision of employees of General Insurance was last done in 2017.
Recently, GIPSA Chairman and CMD of New India Assurance Atul Sahai said " Wage revision issue will be resolved very soon, mostly till December but the employee should be ready to struggle for arrears" He was addressing a group of employees, the report said.
President of National Confederation of General Insurance Officers Association, (CONFED) Vijay Prakash Sharma reportedly said that "15% where division should be on the pattern of LIC and employee should get arrears also.".
It is to be noted that there are four PSUs in the general insurance sector - the National Insurance, the New India Assurance, the Oriental Insurance and the United India Insurance. Over 60,000 employees work with these firms.
Out of the four firms, only New India Assurance is a public listed company.
