Joint Forum of Trade Unions (JFTU) in General Insurance Companies justified in rejecting Management’s offer | AITUC Press Release, June 29, 2022

Press Release by AITUC Secretariat, New Delhi

AITUC says Joint Forum of Trade Unions (JFTU) in General Insurance Companies justified in rejecting Management’s offer.

The last settlement applicable to the employees of the General Insurance Companies was effective from 2012 to 2017. The next one is due from August, 2017 and not yet finalized. That is 59 months late!

On 7th June, 2022, a delegation of GIEAIA, the largest union of insurance employees, met Ms. Nirmala Sitharaman, the FM, under the leadership of Com. Binoy Viswam, MP, and urged her to conclude the long pending salary revision at the earliest. They also reiterated their other demands, including that the Government increase their contribution to the National Pension Scheme to 14%. The Minister had assured them prompt results, which led them to withdraw their plans to go on an indefinite strike!

A meeting was arranged – though in virtual mode – with GIPSA, in which the managements offered 7% rise in the existing salaries – 5% with immediate effect and 2% from August, 2017! It is no surprise that JFTU, led by GIEAIA, immediately rejected the offer. In a meeting held in Mumbai on 4.04.2019, the then Chairman of GIPSA had assured them a salary revision better than that given to the employees of LIC, i.e. 15%!

It seems the Government wants to have the cake and eat it too. It dumps all the PM Yojanas on Public Sector Financial Institutions- be it PSU Banks or LIC or GIC – and at the same time talks of privatizing them! Look at the list : Aayushman Bharat, PMRSBY, PM Fasal Bima Yojana (PMFBY), Corona Kavach Policy, CSR and many more such policies, with very low premium and extremely high outgo, which the GIC employees are tasked with implementing.

It is heartening to learn that there is wide support to the stand taken by the JFTU – right from the Samyukt Kisan Morcha to the World Federation of Trade Unions (WFTU) Asia Pacific Region. The AITUC reiterates it stands in solidarity with the GIEAIA and the JFTU in their struggle.

New Delhi

29th June, 2022 AITUC Secretariat