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Wage revision in general insurance sector

Staff Reporter

KOCHI: The Finance Ministry has cleared the proposal for wage revision in the four public sector general insurance companies.

General Insurance Officers All-India Association State general secretary P.P. Mohanan said here on Thursday that the unions concerned and the management body GIPSA (General Insurers Public Sector Association) had reached a consensus on wage increase in the discussions held in Hyderabad last July. But its implementation was delayed indefinitely mainly due to disputes on the transfer and mobility policy for Class 3 employees as the unions were demanding that wage revision be independent and unconditional. The present system of five-day week will continue. More than 60,000 employees of the four public sector general insurance companies will get salary arrears with effect from August 2002.

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