The employees' unions of the four public sector general insurance companies and Life Insurance Corporation will shortly submit their recommendation for a wage hike to the government, Parliament was informed today.
"This process (on finalising recommendations on wage revision) has just concluded in both the organisations (LIC and general insurance companies) and shortly they will be sending their recommendations to the government," Minister of State for Finance Namo Narain Meena said in a written reply to the Rajya Sabha.
Explaining the procedure involved, he said the LIC and public sector general insurance companies, in consultation with various employees unions, submit a detailed proposal for a wage revision to the Centre.
As per the Life Insurance Corporation of India Act, 1956, and General Insurance Business (Nationalisation) Act, 1972, the central government is empowered to consider the revision of wages of PSU insurance companies.
