FM assures PSGICs staff on wage revision

Union Finance Minister Nirmala Sitharaman has assured employees of public-sector general insurance companies (PSGICs) to expedite their wage revision process.

Also, she assured them that the job security will be provided to all the employees of PSGICs. It assumes significance at a time when the government is under the process of disinvesting its stake in one of the PSGICs, the name of which was yet to be announced.

These assurances were made by her during her interaction with a delegation of GIEAIA under the leadership of Binoy Viswam, MP, Rajya Sabha in New Delhi on Tuesday. GIEAIA (General Insurance Employees' All India Association) delegation consisted of K Govindan (GS), Trilok Singh (Secretary) and Rajeev Sharma (JS).

Referring to its earlier interaction held with the FM on March 12, the delegation apprised her that even though assurance was given to them, no further momentum has taken so far.

"We further told in spite of all minute details of workings were provided by GIPSA to the Financial Department, DFS has not directed GIPSA to invite us for a discussion. We expressed, employees are under frustration, as we are not invited for discussion on wage revision, in spite of our best contributions even in this Covid period," Trilok Singh told Bizz Buzz.

After patiently hearing to them, the FM assured to speed up the process. She also assured it to consider giving pension option to Loss Prevention Association (LPA) and Tariff Advisory Committee (TAC) employees.

Singh said: "We once again appraised around 70 odd employees transferred to the PSGI companies from LPA and TAC are denied opportunity to join the Pension Scheme when final option was extended recently to us."

On merger of PSGI companies instead of privatizing one of the companies, the delegation emphasised, as there are 21 private-sector general insurance companies, there was no necessity to add one more.

Instead, the delegation appealed the FM to reconsider the proposal and merge of all four PSGI into a single entity. Moreover, the delegation demanded that to make PSGICs financially strong who are in the forefront in implementing all Social Security Schemes.

Responding to the same FM said they have given assurance that the job security and other benefits will not be snatched away. The delegation once again appealed not to go ahead with their proposal of privatisation.