Good news for 60,000 PSU General Insurance employees! 15% wage revision announcement likely soon

In next few days there will be good news for 60,000 PSU General Insurance employees as after very long wait finally around 15% wage revision announcement to be made in next few days.  

As per information from Finance ministry in any situation PSU General Insurance employees will get wage revision in year 2021 i.e. it will be announced in next few days 

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Schedule of wage revision is once in a 5 years and this has been pending since August 2017 therefore thousands of employees been asking for the same since very long as PSU Banks and LIC has already announced their respective wage revision.  

Recently, GIPSA Chairman and CMD of New India Assurance Mr. Atul Sahai while addressing a group of employees said " wage revision issue will be resolved very soon, mostly till December but employee should be ready to struggle for arrears" 

According to President of National confederation of General Insurance Officers Association, (CONFED) Vijay Prakash Sharma "15% wage revision should be on pattern of LIC and employees should get arrears also.". 

In the PSU general Insurance sector, there are 4 government-owned companies, the National Insurance, the New India Assurance, the Oriental Insurance and the United India Insurance.

Only New India Assurance is listed company & in good financial Health & rest 3 Insurance companies are not in good financial health with decline in Market Share. Finance Minister Nirmala Sitaraman has announced Privatization of one General PSU insurance company in 2021 Union Budget.