Share EY's rejig report, demands PSU non-life insurance unions
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
The employee unions in the public sector general insurance companies have reiterated their demand for a copy of the Ernst & Young (EY) report on the restructuring of the four companies.
The companies are: The Oriental Insurance Company Limited, National Insurance Company Limited, The New India Assurance Company Limited and United India Insurance Company Limited.
According to Girish Khurana National Convener, Joint Forum of Trade Unions and Associations (JFTU), the unions got only the powerpoint presentation from General Insurers' (Public Sector) Association of India (GIPSA) and not the full EY's report.
"Bullet points contained in PPT (powerpoint presentation) reveal no details and we are unable to submit our view-points and suggestions in the matter," Khurana said in a letter to Suchita Gupta, Chairperson GIPSA and Chairman-cum-Managing Director, National Insurance.
"In the meanwhile, we find that the Companies are going ahead with their action plan implementation in haste without taking the workforce into confidence on these vital issues. Our Management must appreciate the benefits of consensus and collective prudence rather than unilateral decisions," he said.
The employees are agitated as the National Insurance has started implementing the key performance indicator (KPI) norms.
On Thursday, employees of National Insurance held a demonstration against the implementation of KPIs.
"You will kindly appreciate that such unilateral decisions are bound to vitiate the IR environment and may prove to be counter-productive," Khurana told Gupta.
