In a notification issued by the Finance Ministry, the revised pay will be effective from August 2017 and will also be applicable to those who were in the service of the company at that time.
The central government gave a big gift to its 7th pay commission employees. Actually his salary has been increased by 12 percent. Along with this, they will also be paid arrears for 5 years. A notification has been issued in this regard. The gazette notification dated 14 October 2022 states that the new scheme will be known as General Insurance Amendment Scheme 2022. At the same time, this decision of the government will increase the additional burden of Rs 8000 crore on these companies.
The employee officer of 4 General Insurance Company of the government sector has got a big gift from Tiwari. The salary of the employee has been increased by 12 percent. With the approval of 12% increase, they will get the benefit of increased salary from August 2017. The salaries of the officers employees of the four general insurance sector companies were increased. This includes United India Insurance Company Limited, Oriental Insurance Company Limited and National Insurance Company Limited apart from New India Insurance Company Limited.
In a notification issued by the Finance Ministry, it has been said that the revised pay will be effective from August 1, 2017 and will also be applicable to those who were in the service of the company at that time. The notification clearly states that 5 years arrears will be paid to the officer employees. The next revision salary from August 2022 is to be given in the form of variable pay based on the performance of the company and the employees. Employees of four public sector insurance companies will get the benefit of 12% increment on average from August 17, 2017 i.e. 5 years’ arrears will be paid.
At present, executives of three loss-making companies, Oriental Insurance Company, United Insurance Company and National Insurance Company, have been questioned by the supervisors about the high salaries of the employees and their ability to bear the dues. Salary on these companies has been fixed at around Rs 2177 crore for New India Insurance Company and Rs 2135 crore for OIC due to 12% salary hike with 5 years arrears to officer employees. On the other hand, for UII, this amount will increase the additional financial burden of Rs 1752 crore.
