PSU insurance staff likely to get hike in salary

After the announcement of a 13.5 per cent hike in salaries of the public sector bank employees, all eyes are now set on the state-owned insu...

After the announcement of a 13.5 per cent hike in salaries of the public sector bank employees, all eyes are now set on the state-owned insurance companies. A senior finance ministry official said the quantum of hike for the employees of these insurers could well be in line with that of the bank employees.

‘‘The quantum of hike will be about the same as the bank employees, though discussions on this are sill on,’’ the official said. A hike of about 13.5 per cent would mean an outflow of an additional Rs 150-200 crore, based on the size of the company.

The hike, in the sector is due since 2002. Senior officials of state-owned insurers also said a large number of human resource issues, including promotions and transfers, would need to be sorted out by the government. It is learnt that after the voluntary retirement scheme (VRS) launched in January this year, all promotions have also been put on hold. The VRS target, however could not be met.

The employees had earlier demanded a 20 per cent hike, which was rejected by the government. ‘‘We are now hoping that the issue will be sorted out before the end of the calendar year,’’ a trade union member said. They had held a number of demonstrations to register their protests.

‘Given stale food, locked up’: Truck cleaner on ‘abduction’ horror at Khedkar residence

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A truck cleaner in Navi Mumbai was rescued by the police after being abducted by the father of a sacked IAS officer. The victim was held captive, given stale food, and threatened with murder. The accused demanded compensation for their damaged car and threatened to kill the victim if not paid. The accused have been charged with extortion and destruction of evidence.

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