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Employees of non-life insurers may get profit-linked incentive

The 66,000-odd employees of four state-owned non-life insurers are likely to get profit-linked incentives, effective August 2012, as part of their new wage proposal even though the management and unions are yet to iron out thorny issues on wage hike.

A decision to this effect was taken at a meeting which was held by General Insurance (PSU) Association (GIPSA), which is the group of the four state-run general insurers, in New Delhi on September 29 to discuss the ongoing wage negotiations. The meeting was attended by HR heads of all the companies, a GIPSA official told PTI.

"We agreed that since all the four companies -- New India (Mumbai), United India (Chennai), National Insurance (Kolkata) and Oriental Insurance (New Delhi) -- together registered a profit of over Rs 2,000 crore in FY14, the profit-linked incentive can be implemented for their employees," an association official said.

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