GIEAIA appeals to finance minister to direct the DFS, GIPSA to initiate discussions regarding the long-awaited demands
Kanwar Inder Singh/ royalpatiala.in News/ August 12,2023
A delegation of General Insurance Employees All India Association, under the leadership of Binoy Vishwam, Member of Parliament, Rajya Sabha, and Chairman of General Insurance Employees’ All India Association(GIEAIA), had a meeting the Nirmala Sitharaman, the Minister of Finance, Government of India. During this meeting, the association had a fruitful discussion and submitted the memorandum outlining association concerns.
Trilok Singh, General Secretary (GIEAIA) said “the Finance Minister granted us a patient and attentive hearing. She assured us that she would examine the matters that we raised during our discussion. We humbly-appeal to the Finance Minister to direct the officials of the Department of Financial Services (DFS) and the General Insurance Public Sector Association (GIPSA) to initiate discussions regarding the long-awaited wage revision, effective from August 2022, adhering to its original form and without the incorporation of performance-linked clause.”
He further added that “ we had given in writing some of the pressing issues that are currently confronting the Employees, Officers and the Public Sector General Insurance Companies.Productivity-Linked Wage Revision to the finance minister. “
The association pointed out that “we wish to raise our concern regarding the productivity-linked wages that were notified in the last wage revision. We believe that these wages might not be practical, considering the nature of insurance writing, back-office services, and other matters that require intricate application of mind and expertise. We sincerely believe that emphasizing quality over quantity of work would serve as a more effective approach.
Improvement in NPS and Family Pension:
We express deep concern over the delay in increasing the employers’ contribution to NPS @ 14% and family pension @ 30%. This unfortunate delay has led to financial hardship for both the working employees who joined post-2010 and the aggrieved dependent families of deceased employees. We earnestly request your kind consideration to address this matter promptly.
Strengthening of Companies and Merger Proposal:
We acknowledge the strategic importance of the PSGICS and their role in the country’s economy. To safeguard and fortify these crucial entities, we believe that merging the companies would be a prudent step. This approach would not only enhance their collective strength but also foster unity among them, ultimately leading to better service provision and improved insurance penetration across the nation.
Ensuring Financial Inclusion and Sustainable Growth:
In line with the government’s financial inclusion policy, we urge for a more thoughtful approach to the closure of offices. More than 1000 offices have been closed or merged by the management of the PSGICS, which has adversely affected access to insurance services for our valued customers, especially in rural and socially significant regions. We believe that reevaluating the criteria for office closures and maintaining a balance between sustainability and growth is essential.
GIEAIA appeals to finance minister to direct the DFS, GIPSA to initiate discussions regarding the long-awaited demands. “Besides these, other demands were also raised with the finance minister” added Trilok Singh, General Secretary (GIEAIA), including
Promote the merger of Public Sector General Insurance Companies to foster overall growth and stability.
Extend insurance services to unrepresented areas of the country, ensuring effective customer service reach.
Review the implementation of performance-linked wage clauses from budget notifications, considering the overall welfare of employees.
Facilitate recruitment in all cadres to address workforce needs and improve service quality.
Introduce the 1995 pension scheme for all employees, ensuring a secure and dignified retirement.
Request for 14% government contribution to NPS until the implementation of the 1995 pension scheme for all.
Increase family pension to 30% in line with the central government’s provisions.
Regularly update pensions to maintain their value and support the retired workforce.
“With deep reverence, we implore your intervention in these matters, understanding that your support and guidance would undoubtedly strengthen the PSGICS and GIC-Re, thereby benefiting our esteemed stakeholders and the nation’s economy” said Darshan Kumar Wadhwa, Secretary General (GIEAIA-Class-I) to the finance minister.
