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| Insurance Employees demand 40 percent wage hike | | | Early Times Reporter
Jammu | Sep 20
Staff of LIC and four other public sector general insurance companies have demanded forty per cent wage hike with effect from August, 2007. This was stated by J. Gurumurthy, Secretary, All India Insurance Employees’ Association (AIIEA) while addressing special general body meeting of employees of insurance companies here today.
Addressing the employees Gurumurthy said that the last wage settlement in LIC and public sector general insurance companies expired on July 31 and the AIIEA had submitted fresh charter of demands to the management in August 2007 demanding 40 percent wage increase after merging dearness allowance with basic pay. He said that the demand was eminently justified in the context of commendable performance of the public sector companies in the financial year 2006-07. The four public sector general insurance companies, viz., United India Insurance Co., Oriental Insurance Co., New India Assurance Co. and National Insurance Co. have together registered a growth of 8.55 in gross direct premium income, much higher that the average global growth rate of the general insurance industry. The four Companies posted heavy profits in 2006-07 registering an increase of over 103% over the previous year. The dividend pay out to the government of India for the year ending March, 2007 was Rs. 582 crores as against the previous year figure of Rs. 266 crores, an increase of over 118%. There is a massive increase in documentation with a depleted staff strength which reflected increasing productivity of employees. The healthy growth indices of the industry and huge increase in productivity of the employees make the demand for 40 percent wage hike in the public sector general insurance eminently is justified.
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