Wednesday, Mar 23, 2005
Wednesday, Mar 23, 2005 |
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Advts: Classifieds | Employment | Andhra Pradesh
By Our Special Correspondent
HYDERABAD, MARCH 22. About 75,000 officers and employees of four public sector general insurance companies will go on a two-day all-India strike on March 23 and 24, seeking pay revision and promotion. Addressing a press conference here on Tuesday, J. Cyril of the National Confederation of General Insurance Officers' Association said the wage revision was due in August 2002. He said that General Insurance Public Sector Association (GIPSA), which represents the four companies, had offered 8.5 per cent increase in November last after four rounds of discussions with the associations.
Offer rejected
The associations had rejected the offer as the banking sector had finalised their negotiations at 13.25 per cent and LIC came out with a proposal of 12 per cent with 6 per cent incentive based on performance. He said the fundamentals of the four companies were strong as a substantial profit of Rs.1,364 crores was made during 2004. The profits were enough to provide a decent pay revision. Besides, about 10,000 employees had opted for special voluntary retirement scheme.
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