Ten Central Trade Unions (CTUs) in the Opposition camp have urged the Centre to keep the “unilateral imposition” of Key Performance Indicators (KPI) for General Insurance Companies (GIC) in abeyance. The CTUs said in a letter to Union Finance Minister Nirmala Sitharaman that the Department of Financial Services and General Insurers Public Sector Association (GIPSA) management have started implementing the KPI process without the approval of the boards of the insurance companies. “This is illegal and unconstitutional,” the CTUs said in the letter.
They said imposition of the KPI is severely affecting the health of the industry, the employees, agents, surveyors and the customers, citizens as hundreds of offices are proposed to be closed or merged in the name of KPI and restructuring. “Besides, the employees are restive that their long term settlement is already delayed by 64 months. They have been promised a raise on par with LIC (15%), but it has not seen the light of the day so far,” the CTUs said.
