The four General Insurance companies, whose employees and officers salaries increased by 12%, are New India Insurance ltd, United India Insurance ltd, the Oriental Insurance company ltd, and National Insurance company ltd. It will burden Rs 8000 crore on Central Government exchequer.
This wage revision is effective from August 1, 2017 and applicable to those who were in the service of these companies, it said, adding that officers and employees will get arrears for five years.
The state with some of the most robust pay laws in the nation is now requiring even more from employers. Earlier this week, California Governor Gavin Newsom signed the Pay Transparency.
In an Office Memorandum issued on September 20, 2022, by the DoPT said that the office memorandum dated 9.8.2016 had advised all ministries/departments to change pay structure as per the recommendation of the 7th pay commission.