Gic Officers Association Seeks Board Slot

The National Confederation of General Ins-urance Officers Ass-ociation (NCGIOA) has demanded that a nominee of the association to be appointed as director on the board of General Insurance Corporation (GIC) and each of its subsidiary companies.

Additionally, they have sought profit incentives for all officers of the insurance company for achieving overall profit targets. The association has also demanded that officers should be paid bonus at the same rate as dividend to the government or to the extent of 20 per cent of annual gross salary.

These demands are part of the charter submitted by NCGIOA to the chairman of General Insurance Corporation on October 22 in view of the forthcoming wage negotiation.

 

The salary of officers in the general insurance industry was last revised with effect from August 1, 1992 and a revision in pay has fallen due from August 1, 1997.

The NCGIOA has also pointed out that the issue of recognition of the majority association in the industry has been pending for over a decade.

The promised autonomy for GIC management in service matters and the resultant bipartite mechanism is possible only if the majority Association in the industry is recognised as the sole bargaining agent.

It is therefore demanded that check off system should be introduced in the industry to identify the majority association in the industry and subsidiary companies, states the charter.

In line with the recommendation of Fifth Pay Commission, NCGIOA has demanded that the three grade classification of officers, viz top executives, senior management and management grade, should be introduced in insurance sector.

At present there is a seven grade scale from assistant administrative officers to general manager.

The assistant administrative officers, administrative officers and assistant managers should be compressed into management grade, the deputy manager and manager into senior management grade and assistant general manager and general manager into top executive grade.

The association has suggested that the retirement of age of all officers be 60 years.

The demand is that the dearness allowance at 1727 index representing quarterly average up to March 1997 where consumer price index 1960=100 should be merged with the basic pay and the merged pay should be raised appropriately to compare equitably with external factors.

The minimum starting basic pay suggested is at Rs 15,100 and the maximum at Rs 61,900.