PSGICs staff to hold nationwide protest today for wage revision

Demands of the protesting PSGIC staff

• Merger of all PSGI companies and to form one single monolithic corporation

• Govt to provide level playing field to PSGI companies

• Govt to have CAG audit in private insurance companies and TPAs

• Govt to direct private players also to implement all social schemes of the govt

• Govt to give wider autonomy to PSGI companies in the wider interest of the customers and the citizens in large

Mumbai: The Joint Forum of Trade Unions and Associations representing around 50,000 employees and officers from PSGICs will be staging protest throughout the country on September 13.

The trade union leaders from Public Sector General Insurance Companies (PSGICs) have written a letter to the Union Finance Minister, Nirmala Sitaraman for her intervention for improvements in the wage offer made to the workforce of PSGI companies at par with LIC after the final communication of GIPSA for offering 12 per cent wage hike. The wage revision for Public Sector General Insurance Companies employees is due from August 01, 2017.

On September 08, a webinar meeting of joint forum of trade unions and associations of public sector general insurance companies was conducted and it was decided to hold demonstration on September 13, to register strong protest throughout the country against disparity and injustice caused on wage revision offer in comparison with LIC. The trade unions are demanding an increase in NPS contribution to 14 per cent from 10 per cent and family pension up to 30 per cent from 15 per cent.

Unilateral imposition of KPI (Key Performance Indicator) and unilateral closing/ merging huge number of offices in the name of restructuring severely weakening and badly affecting the PSGI companies in all aspect.

Talking to Bizz Buzz, Trilok Singh, general secretary, GIEAIA, said: "It is a matter of record that the employees and officers have been working in adverse situations as the DFS and regulator have failed to ensure level playing field for PSGI companies in comparison to the private sector insurance companies."

The unethical practices of the private sector and failure of regulator in controlling them has been detrimental to the business interests and performance. At number of times, the PSGI companies worked without having the services of full time chairmen and full time directors. The lack of seriousness on the part of some officials in DFS has adversely affected the companies and customers, he said.

The decision as per the proposal of 2018 Budget speech by the then Finance Minister to merge three companies National Insurance, United Insurance and Oriental Insurance have not been carried out which has caused continuous doubts in the minds of customers and intermediaries which has adversely affected the health of the industry.

The PSGI companies have always been the flag bearers of social security schemes such as Ayushman Bharat, Pradhan Mantri Fasal Bima Yojana, Corona Kawach Policy, CSR, Rural and Crop Insurance and many more such policies. In PMSBY, the premium of Rs 12 for death cover of Rs 2 lakh is not sufficient to cover the expenses and administering the scheme.