The Hindu : Business : Insurance officers' grouse

Online edition of India's National Newspaper
Thursday, Mar 10, 2005

Business

Business

Insurance officers' grouse

By Our Special Correspondent

CHENNAI, MARCH 9. The National Confederation of General Insurance Officers' Association (CONFED) has called a two-day nation-wide strike from March 23 to protest against the management's "inadequate" wage revision offer.

The General Insurance Public Sector Association (GIPSA) had offered a salary increase of 8.5 per cent in November last.

CONFED termed the offer `unacceptable'. The Working President of the federation, T. S. Par Oli, claimed that fresh recruitment of officers had been frozen after over 8,000 had exited under a voluntary retirement scheme and existing employees were under strain as a consequence. Seeking to puncture the arguments of the Government, it said the loss in market share was caused by the decision to open up the insurance sector. It blamed the `partisan attitude of the regulator' for losing profitable portfolios.

While appreciating the need to reign in management expenses, CONFED, in a statement, pointed out to the Government's fiats over a period of time on supporting the spread of operational network across the country. "Being Government companies, we are forced to incur a number of non-insurance- related expenses,'' said Mr. Oli. He asserted that debureaucratisation and functional autonomy were essential to "save this industry". He hoped that the "ministry will realise the gravity of the situation and invite us for a discussion.''

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