The finance ministry has received a proposal from the four state-run general insurers to further downsize their staff. The move comes close on the heels of the government notifying a one-time special voluntary retirement scheme (VRS) for 13,000 development officers (DOs) of the four state-run general insurers.
The New India Assurance Company, National Insurance Company, Oriental Insurance Company and United India Insurance Company have a combined staff strength of 85,000. Removing the 13,000 DOs (Class II) from the list, leaves 72,000 employees. Of this, about 20,000-odd would be entitled to proposed VRS.
