On the life insurance side, there is Life Insurance Corporation of India (LIC).
"The Chairman of GIPSA (General Insurance Public Sector Association) told the unions in the general insurance sector that the Central government had asked for some data and the same has been sent. Wage revision talks will be held once the government gives the nod," General Insurance Employees All India Association (GIEAIA) General Secretary K. Govindan told IANS.
There are possibility of government agreeing for wage revision only for listed entities, viz the General Insurance Corporation Ltd and the New India Ltd as other three are not in good financial health and additional capital has been infused.
Meanwhile in the LIC, two rounds of wage revision talks have been held between the management and the unions.
"In the first round, the management offered 10 per cent wage hike and it was revised upwards in the second round to 15 per cent. We said the offer does not meet our expectations," All India Insurance Employees Association (AIIEA) General Secretary Shrikant Mishra told IANS.
Also Read - LIC Officers’ Associations Rejects 15 % Wage Hike
According to Mishra, the 15 per cent wage hike offer was made on September 30, 2020 and the first offer of 10 per cent hike was made in March 2019.
"We have submitted a charter demanding 40 per cent wage hike. In the last wage agreement, the hike given was 25 per cent at average," he said.
There are 16 trade unions and associations in the four general insurance companies and we are taking joint action. There are about 50,000-60,000 employees in the four companies.
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