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7th Pay Commission: Salary of these employees increased by 12 percent, will get arrears of five years, know details

7th Pay Commission: Salary of these employees increased by 12 percent, will get arrears of five years, know details

There will be a hike in the salaries of the employees of the four public sector general insurance companies. These employees will also get the arrears of the last 5 years. This increase has been done under the General Insurance Amendment Scheme, 2022.

A notification has been issued by the Finance Ministry on Saturday that, in which the salary of some employees has been increased by 12 percent. This increase will be considered effective from August 2017 on these employees. This means that the salary to the employees will be calculated from August 2017 till now, which will give them a huge lump sum amount.

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Actually, there will be an increase in the salary of the employees of four public sector general insurance companies . These employees will also get the arrears of the last 5 years. This increase has been done under the General Insurance Amendment Scheme, 2022. However, not all employees of this sector will be given this increase and arrears, who are currently working in the company, they will get 5 years arrears.

In the notification issued on October 14, 2022, it was said that the next revision will be done from August 2022. Apart from this, it has been said in the notification that there will be an increase in the salary based on the performance of the employees and the company. However, the union is not happy with the company’s performance and the decision to increase on the basis of the performance of the employees.

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General Insurance Employees All India Association (GIEAIA) General Secretary Trilok Singh said that we have a strong protest against the way the wage revision has been done after waiting for 64 months. It is wrong to link salary with performance.

He emphasized that the unions are not against the reforms, but should be done keeping in mind the public sector nature of these companies. Let us tell you that in 2021, the Central Government had notified the General Insurance Business Amendment Act. The Act will allow the government to reduce its stake in state-owned general insurance companies to less than 51 per cent.

How much will the salary increase
PTI has told official sources that the central government will hike the salary bill for New India Assurance, National Insurance, Oriental Insurance and United India Insurance by about Rs 8,000 crore, with five-year arrears increasing by 12 per cent. Explain that the salary revision of public sector banks and insurance companies is done every five years.

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