Wage revision talks in PSU non-life sector to begin Wednesday

CHENNAI: The General Insurers' (Public Sector) Association of India (GIPSA), the lobby body for the four government owned multiline non-life insurers, will begin the wage revision talks with the unions on Wednesday.

The GIPSA has informed the recognised unions representing the different cadres in the four companies -- The Oriental Insurance Company Limited, National Insurance Company Limited, The New India Assurance Company Limited and United India Insurance Company Limited.

Of the four, The New India Assurance is listed in the stock exchanges.

Though not a member of GIPSA, national reinsurer General Insurance Corporation of India (GIC Re) will also be there at the wage negotiation table.

The employee representatives of GIC Re will also participate in the wage revision talks, a source told IANS.

The GIPSA has asked the unions and associations to depute two persons to participate in the discussions that will be held at 4.30 p.m. on video conference mode.

From the five companies side, the Chairman and Managing Directors, General Manager (Personnel) will participate.

Wage revision for the employees of the non-life insurance companies fell due in August 2017.