The human resources of public sector universal insurance companies and Life Insurance Corporation (LIC) are put to get a 17.5 per cent salary hike with the Government nod to this effect probable in September. The four public sector insurance firms have submitted the statement to the finance ministry on August 17 asking for 17.5 per cent crossways the board wage hike. The ministry endorsement is expected by September end, universal Insurance Public Sector Association (GIPSA) CEO A K Signal told PTI. GIPSA is an connection of all four public sector all-purpose insurance companies -- National Insurance Company, New India Assurance Company, Oriental Insurance Company and United India Insurance Company. The scramble would be completed available with retrospective effect from 2007, he said. Sources said the employee union of country's biggest life insurer LIC has also submitted its recommendation along with GIPSA member companies to the finance ministry. LIC has submitted its suggestion to the government last week. The ministry would seem into the statement and a reply is expected in 4-6 weeks," a source in the know of the development said. Post the finance department approval; the report would be nominated in Parliament, which is expected to occur in the forthcoming winter session. The last time the PSU insurers got a salary hike was effective 2002. At that time the ramble was around 13 per cent. LIC and public sector general insurance companies, in consultation with various employee unions, submit a detailed proposal for a wage revision to the Centre each five years.
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