GIEAIA Delegation Meets Finance Minister, Raises Key Issues
Kanwar Inder Singh/ royalpatiala.in News/ September 3,2024
A delegation of General Insurance Employees’ All India Association (GIEAIA), led by Comrade Binoy Vishwam, Ex-MP and Chairman, GIEAIA, met with Finance Minister, Nirmala Sitharaman, in her office in Delhi today.
The delegation consisting of Com Darshan Kumar Wadhwa, Secretary General, GIEAIA CLASS-1, Com. Trilok Singh, General Secretary & Com. A Kumaravelu, Additional General Secretary, GIEAIA discussed the long-pending issues of wage revision, uniform family pension @ 30%, and 14% NPS for employees and officers in Public Sector General Insurance Companies (PSGICs).
The delegation pointed the FM that “the employees of PSGI Companies are feeling demotivated due to the inordinate delay in the settlement of various benefits. We wish to submit the following for your ready reference.”
Wage Revision Pending since 1st August 2022:
Madam, historically, wage revision in the financial sector (banking & insurance) used to take place simultaneously. There was parity in the Wage revision in LIC of India and Public Sector General Insurance Companies (PSGICs) for pay scales & core benefits/allowances. However, in the last wage revision due from 1st August 2017, employees of PSGICs were left behind. There was an inordinate delay in settlement, and the quantum paid was significantly less than that paid to employees of LIC of India. Wage revision due in 2022 has been proactively settled for banking sector employees as well as for LIC of India, whereas employees of PSGICs are still looking forward to an early Wage Revision.
Employers’ Contribution to NPS @14%:
This benefit, as a statutory measure, has been extended to Central/State Government Employees as well as to the banking sector and LICI. GIPSA recommended to DFS for their approval to extend this benefit @14% to PSGI Employees almost two years ago. However, it is still remains pending.
Improvements in Family Pension to Uniform Rate of 30%:
Family pension being paid to the dependents of deceased employees and pensioners in PSGI Companies is very minimal and insufficient to meet the basic expenses of any family. This benefit @30% is already available to employees of Central and State Governments. It has also been extended to employees of the banking sector and LICI, leaving the employees of PSGICs behind.
You will kindly appreciate that ever since the last wage revision, which was due from 1st August 2017, employees and pensioners of PSGICs have been paid less compared to our counterparts in LIC of India regarding wages, NPS, family pension, etc. We wish to add that employees of PSGICs are highly qualified, experienced, and skilled workers handling specialized work. Employees of PSGICs, as disciplined soldiers, carry out the necessary directions of the Government of India. We earnestly request your kind consideration to address this matter.
Recruitment:
We bring to your kind notice that due to excessive retirements, these companies are working without adequate manpower and severe scarcity of staff, which is affecting this important industry as a whole, leading to mass closures and mergers of various offices throughout the country. The inadequate strength of staff and officers has adversely affected access to insurance services for our valued customers, especially in rural and socially significant reason. PSGICS have been performing better despite inadequate manpower but the decreasing employee strength year after year without corresponding recruitment has let to operational difficulties. Therefore we urge for the immediate and adequate Recruitment in PSGICS.
The financial results of the PSGICS for the financial year 2022-23 and 2023-24 show significant improvements despite challenges from major social welfare policies. In the budget 2020-2021, Government Of India announced the new public sector enterprise policy (PSE) for “Atmanirbhar Bharat” and classified banks, insurance and financial services as one of the Strategic sectors and thereby to strengthen the PSGI Companies.
With deep reverence, we implore your intervention in these matters, understanding that your support and guidance would undoubtedly strengthen the PSGICS benefiting our esteemed stakeholders and the nation’s economy and once again request your goodself to kindly consider the WAGE REVISION, INCREASE IN NPS @ 14% AND REVISION IN FAMILY PENSION @30%.
We once again thank you for sparing your valuable time and request your good self to take affective measures to expedite the above issues.
Additionally, the delegation raised concerns regarding the merger of PSGICs, the need for adequate and immediate recruitment, and the formation of a regulatory authority for hospitals.
The Finance Minister acknowledged the concerns of the delegation and assured them that she would look into the matter.
