The Hindu Business Line : Insurance unions to intensify stir against delay in wage hike

OFFICERS and employees of the four public sector general insurance companies are on a warpath, after having been denied the much awaited wage revision and promotion.

The wage revision has been pending since August 2002 and there has been no promotion for the last two years for the employees and officers, the General Insurance Officers All India Association said in a press statement.

The Government is using Section 40(C) of the Insurance Act, 1938 to obstruct the wage increase.

As per the Section, management expenses should be limited to 19.5 per cent of the total premium income.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Monetary policy: Transparent and responsible

Rupee weakens; bonds steady

Newgen offers solutions for `cheque truncation'

Andhra Bank, Kirtilal tie-up

RBI cut-off rate for gilts auction

HDFC Bank loyalty plan for cardholders

Karnataka Bank opens office in Kolkata

Govt planning to dilute stake in IDFC — Hints at exiting after 3 years

Banks lower FCNR, NRE deposit rates

Vijaya Bank, State Bank of Mysore revise deposit rates

ICRA retains MA- rating for FDs of Sakthi Finance

Insurance unions to intensify stir against delay in wage hike

UTI Bank ties up with Bajaj Allianz General Insurance

KSFE to hard sell personal and vehicle loans