General Insurance Company: The Union Finance Ministry has increased the salary by 12 percent by giving Diwali gifts to the employees and officers of four government general insurance companies. This decision will be considered effective from August 2017.
The Central Government has given Diwali gifts to the employees and officers of four public sector general insurance companies. The Finance Ministry has announced to increase the salary of the employees of these companies by about 12 percent. This order shall be deemed to have come into force from August 2017. That is, the employees of these companies will also get arrears of 5 years. The Union Finance Ministry has issued a notification regarding this.
These companies are included
The salaries of the four companies whose employees and officers have been increased by the Central Government. These include New India Assurance Company Limited, United India Insurance Company Limited, The Oriental Insurance Company Limited and National Insurance Company Limited. It is being told that due to this salary hike, the government will have to bear the burden of Rs 8,000 crore.
Information regarding this has been given in the gazetted notification issued by the Ministry of Finance on October 14. The scheme has been named General Insurance (Rationalization of Pay Scales and Other Conditions of Services of Officers) Amendment Scheme 2022.
five year arrears
According to the government notification, this increase in salary has come into effect from August 1, 2017. During this, the employees working in these companies will also get arrears of five years.
Increase will be based on performance
According to the notification, this increment will be in the form of variable pay based on the performance of the company and the employee. In such a situation, the employee unions have expressed their displeasure over this decision. He says that the decision to link pay with the company and their performance is wrong. The decision to link wages to performance seems illogical.
Retired employees also benefit
Let us tell you that in government banks and insurance companies, wage revision is done every five years. This time the wage revision of the employees of these four general insurance companies has been done, which is five years late. His next wage revision is also due in August 2022. However, the benefit of this wage revision will also be available to the retired employees, who were in the service of these companies at that time.