The employees of public sector general insurance companies and Life Insurance Corporation (LIC) are set to get a 17.5 per cent wage hike with the government nod to this effect likely in September. “The four public sector insurance companies have submitted the report to the finance ministry on August 17 asking for a 17.5 per cent across the board wage hike.
The ministry approval is expected by September end,” General Insurance Public Sector Association (GIPSA) CEO A K Singhal told PTI. GIPSA is an association of all four public sector general insurance companies — National Insurance Company, New India Assurance Company, Oriental Insurance Company and United India Insurance Company. The hike would be made available with retrospective effect from 2007, he said.