May have a look at new pay scales of General Insurance employee working in National Insurance, Oriental Insurance, United India & New India Assurance, Find the employee basic salary revised and the salary structure applicable for all the company employees related to Officer, Development Officer, Clerk (Sr.Asst, Asst, etc) and Subordinate staff…
General Insurance Employee Pay Scales
The merger of Oriental Insurance Company Limited, National Insurance Company Limited, United India Insurance Company Limited does hold the same pay scales as per their individual rules & regulations which may effective from 01.04.2020, where the Union Cabinet has approved an amount of 2,500 crores into these three public sector units.
Thus, the company salary structure for General Insurance employee pay scales for Officer, Supervisory, Clerical, and Subordinate staff will vary with the latest payroll released, and we soon present the upcoming pay scales, upto then we presenting the existing pay scales of different cadres as per the pay revision effective from 01.08.2012.
The following are the basic pay scales of National Insurance Company Limited effective from 1st August 2012, and these are similar to Oriental Insurance, New India and United India Assurance companies, Let’s have a look at the new pay scales as below for different cadres
General Insurance Officer Pay Scales (Basic Pay)
| Type of Pay Scale | Basic Pay (Pay Matrix) from 2012 | Revised Pay from 2017 |
|---|---|---|
| Scale 1 | 32795 – 1610(14) – 55335 – 1745(4) – 62315 | 50925 – 2500(14) – 85925 – 2710(4) – 96765 |
| Scale-II | 44065 – 1610(7) – 55335 – 1745(6) – 65805 | 68425 – 2500(7) – 85925 – 2710(6) – 102185 |
| Scale-III | 53725 – 1610(1) – 55335 -1745(6) – 65805 – 2300(4) – 75005 | 83425 – 2500(1) – 85925 – 2710(6) – 102185 – 3570(4) – 116465 |
| Scale-IV | 65805 – 2300(9) – 86505 | 102185 – 3570(9) – 134315 |
| Scale-V | 79605 – 2300(3) – 86505 – 2590(6) – 102045 | 123605 – 3570(3) – 134315 – 4020(6) – 158435 |
| Scale-VI | 89095 – 2685(8) – 110575 | 138335 – 4170(8) – 171695 |
| Scale-VII | 99835 – 2685(2) – 105205 – 2080(1) – 108085 – 3150(1) – 111235 – 3265(4) – 124295 | 155015 – 4170(2) – 163355 – 4470(1) – 167825 – 4890(1) – 172715 – 5070(4) – 192995 |
Development Officer Pay Scales
| Development Officer Pay Scale | Revised pay from 2017 | Pay Band 1 from 2012 | Pay Band-2 (2012) | Pay Band-3 (2012) | Pay Band-4 (2012) |
|---|---|---|---|---|---|
| Grade-I | Rs. 35815 – 2245(8) – 53775 – 2325(9) – 74700 – 2435(2) – 79570 – 2500(4) – 89570 | 23075 – 1445(8) – 34635 | 34635 – 1495(9) – 48090 | 48090 – 1570(2) – 51230 | 51230 – 1610(4) – 57670 |
| Grade-II | 24315 – 1605(3) – 29130 – 1825(4) – 36430 | 15650 – 1030(3) – 18740 | 18740 – 1175(4) – 23440 | — | — |
General Insurance Supervisory & Clerical Basic Pay Scales
| Employee Designation | Pay Revision from 01.08.2017 | Pay Matrix from 01.08.2012 |
|---|---|---|
| Senior Assistant & Stenographer | 31370 – 2245(4) – 40350 | 20210 – 1445(4) – 25990 |
| 40350 – 2500(15) – 77850 | 25990 – 1610(15) – 50140 | |
| Assistant, Typist, Telephone Operator, Telex Operator, Receptionist, Punch Card, Operator, Unit Record Machine Operator, Compterist and other equivalent posts | Rs. 22405 – 1305(1) – 23710 | 14435 – 840(1) – 15275 |
| 23710 – 1425(2) – 26560 | 15275 – 915(2) – 17105 | |
| 26560 – 1605(5) – 34585 | 17105 – 1030(5) – 22255 | |
| 34585 – 1855(2) – 38295 | 22255 – 1195(2) – 24645 | |
| 38295 – 2260(3) – 45075 | 24645 – 1455(3) – 29010 | |
| 45075 – 2345(2) – 49765 | 29010 – 1510(2) – 32030 | |
| 49765 – 2500(5) – 62265 | 32030 -1610(5) – 40080 | |
| Record Clerk | Rs. 20785 – 900(2) – 22585 | 13380 – 580(2) 14540 |
| 22585 – 965(5) – 27410 | 14540 – 620(5) – 17640 | |
| 27410 – 1030(1) – 28440 | 17640 – 665(1) -18305 | |
| 28440 – 1155(2) – 30750 | 18305 – 745(2) – 19795 | |
| 30750 – 1275(3) – 34575 | 19795 – 820(3) – 22255 | |
| 34575 – 1420(5) – 41675 | 22255 – 915(5) – 26830 | |
| 41675 – 1580(9) – 55895 | 26830 – 1015(9) – 35965 |
GIC Subordinate Staff Basic Pay Scales from 01.08.2012
| Designation | Pay Revision Scales from 01.08.2017 | Pay Scale from 01.08.2012 |
|---|---|---|
| Driver | Rs. 20785 – 900(2) – 22585 | 13380 – 580(2) – 14540 |
| 22585 – 935(14) – 35675 | 14540 – 600(14) – 22940 | |
| 35675 – 1030(2) – 37735 | 22940 – 665(2) – 24270 | |
| 37735 – 1160(9) – 48175 | 24270 – 745(9) – 30975 | |
| Other Subordinate Staff | Rs. 18100 – 740(5) – 21800 | 11660 – 475(5) – 14035 |
| 21800 – 785(8) – 28080 | 14035 – 505(8) – 18075 | |
| 28080 – 935(1) – 29015 | 18075 – 600(1) – 18675 | |
| 29015 – 970(2) – 30955 | 18675 – 620(2) – 19915 | |
| 30955 – 1160(9) – 41395 | 19915 – 745(9) – 26620 |
General Insurance Employee Basic Pay from 01.08.2017 for Supervisory, Clerical and Subordinate Staff
| Senior Assistant/ Stenographer Existing Basic Salary from 2012 | Senior Assistant/ Stenographer Revised Basic Salary from 2017 | Assistant Basic Salary 2012 | Assistant Basic Salary 2017 | Record Clerk Existing Basic Salary 2012 | Record Clerk Revised Basic Salary 2017 | Driver Basic Salary 2012 | Driver Basic Salary 2017 | Other Subordinate Staff Existing Basic Salary 2012 | Other Subordinate Staff Basic 2017 |
|---|---|---|---|---|---|---|---|---|---|
| 20210 | 31370 | 14435 | 22405 | 13380 | 20785 | 13380 | 20785 | 11660 | 18100 |
| 21655 | 33615 | 15275 | 23710 | 13960 | 21685 | 13960 | 21685 | 12135 | 18840 |
| 23100 | 35860 | 16190 | 25135 | 14540 | 22585 | 14540 | 22585 | 12610 | 19580 |
| 24545 | 38105 | 17105 | 26560 | 15160 | 23550 | 15140 | 23520 | 13085 | 20320 |
| 25990 | 40350 | 18135 | 28165 | 15780 | 24515 | 15740 | 24455 | 13560 | 21060 |
| 27600 | 42850 | 19165 | 29770 | 16400 | 25480 | 16340 | 25390 | 14035 | 21800 |
| 29210 | 45350 | 20195 | 31375 | 17020 | 26445 | 16940 | 26325 | 14540 | 22585 |
| 30820 | 47850 | 21225 | 32980 | 17640 | 27410 | 17540 | 27260 | 15045 | 23370 |
| 32430 | 50350 | 22255 | 34585 | 18305 | 28440 | 18140 | 28195 | 15550 | 24155 |
| 34040 | 52850 | 23450 | 36440 | 19050 | 29595 | 18740 | 29130 | 16055 | 24940 |
| 35650 | 55350 | 24645 | 38295 | 19795 | 30750 | 19340 | 30065 | 16560 | 25725 |
| 37260 | 57850 | 26100 | 40555 | 20615 | 32025 | 19940 | 31000 | 17065 | 26510 |
| 38870 | 60350 | 27555 | 42815 | 21435 | 33300 | 20540 | 31935 | 17570 | 27295 |
| 40480 | 62850 | 29010 | 45075 | 22255 | 34575 | 21140 | 32870 | 18075 | 28080 |
| 42090 | 65350 | 30520 | 47420 | 23170 | 35995 | 21740 | 33805 | 18675 | 29015 |
| 43700 | 67850 | 32030 | 49765 | 24085 | 37415 | 22340 | 34740 | 19295 | 29985 |
| 45310 | 70350 | 33640 | 52265 | 25000 | 38835 | 22940 | 35675 | 19915 | 30955 |
| 46920 | 72850 | 35250 | 54765 | 25915 | 40255 | 23605 | 36705 | 20660 | 32115 |
| 48530 | 75350 | 36860 | 57265 | 26830 | 41675 | 24270 | 37735 | 21405 | 33275 |
| 50140 | 77850 | 38470 | 59765 | 27845 | 43255 | 25015 | 38895 | 22150 | 34435 |
| 40080 | 62265 | 28860 | 44835 | 25760 | 40055 | 22895 | 35595 | ||
| 29875 | 46415 | 26505 | 41215 | 23640 | 36755 | ||||
| 30890 | 47995 | 27250 | 42375 | 24385 | 37915 | ||||
| 31905 | 49575 | 27995 | 43535 | 25130 | 39075 | ||||
| 32920 | 51155 | 28740 | 44695 | 25875 | 40235 | ||||
| 33935 | 52735 | 29485 | 45855 | 26620 | 41395 | ||||
| 34950 | 54315 | 30230 | 47015 | ||||||
| 35965 | 55895 | 30975 | 48175 |
Employees will be released a Basic salary under the general insurance company norms and recruiting budget, thus there after they will be allowed to avail Dearness Allowance, House rental Allowance and other benefits as mentioned.
The company does hold the accommodation, leave travel concession, leave encashment, medical benefits, gratuity, provident fund, vehicle loan, Housing Loan, education Loan, computer Loan, Meal Coupon, Pension benefits and festival advance for employees.
The Pay Scales of every general insurance employee does vary based on their work nature and allowance will surely change as per work loaded taken, and the salary of every employee working in OIC, NIC, United India insurance company may differ or similarity announced.
Combined entities of these three units are the largest non-life insurance companies valued to be 1.2 to 1.5 lakh crore and have gone to total, combined net worth of 9,243 crore with an employee strength of 44,000, and there are a total 6000 offices which are combined to form a single norm for all these big companies.
Provident Fund will be an equal share in the General Insurance Pay Scale of employees, which will be contributed by both employee and company, and this is a non-withdrawal amount which is meant for retirement, and thus, employee does have an option to withdraw the partial amount after completing of certain period for emergency or child education or child marriage.
According to the saturation of withdrawal, the amount will be sanctioned from full amount, and General Insurance Employee Pay Scale does also include Gratuity which is a one side investment started from the day of employment.
Employees add their share every month and this gets an approval to withdraw after a term of 5 years, and the gratuity after 5 years of term will hold good amount for employees and will be kept on adding until the term of employment has been completed.
Any education loan or Marriage loan taken from the company as per the norms, will be added in Pay Scale and salary credit in employee account will have automatic deduction of this Loan EMI amount, and other loans taken from private firms outside the company will not hold any entity in Pay Scale and should be managed separately.
Thus, every employee has got a detailed Payment Sheet for their current month worked detailing all the valued entities, and there is a good change in employee salaries as the 7th pay commission budget has been announced and for General Insurance employee pay scales where the permanent employees are supposed to get benefited much.