GIEAIA Secretary General Trilok Singh said that this action, if implemented, would lead to privatization in the name of Key Performance Indicators (KPIs).
He said that the most unfortunate thing is that today the officials of Department of Financial Services (DFS) are not addressing the real and serious issue of providing equal opportunities to Public Sector General Insurance Companies (PSGICs).
He said that DFS has failed to control the unethical practices of private companies in the insurance sector.
The union wants the government to immediately merge all the four PSGICs into a single monolithic corporation. LIC In the best interest of policyholders, employees and citizens at large.
The union was also not happy with the 12.05 per cent wage hike after five years of waiting.
Last week, the finance ministry notified an average 12 per cent wage hike for employees of four public sector general insurance companies with effect from August 2017.
It is a matter of grave concern that the public sector general insurance companies which have given stupendous profits and dividends in the years 2012 to 2017 and successfully implemented various government social security schemes like Ayushman Bharat, Pradhan Mantri Fasal Bima Yojana, Corona Kavach Policy, Huh. Appropriate increment was not given.
PSGI contributed more than Rs 10,000 crore as dividend during the period 2012 to 2017 governmentIt claimed.