News From Press PSU insurance cos to see Rs 675 crore outgo on 13.5% wage hike

PSU insurance cos to see Rs 675 crore outgo on 13.5% wage hike

Source: Economic Times/PTI May 3, 2016

The employees of five public sector insurance companies have got the wage hike of 13.5 per cent with retrospective effect from August 2012, involving an outgo of Rs 675 crore including the arrears.

The wage settlement was implemented in February, but effective August 2012, as in the case of the banks and LIC, according to the General Insurance (PSU) Association (Gipsa).

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