Union opposes KPI exercise at GIC Re
The national reinsurer, on the recommendation of DFS, appointed KPMG as consultant and the exercise is in the final stage of implementation
GIC Re United Forum says that the PAT of Rs22,290 cr for the period from 2012 to 2022 by a handful of 500 employees should certainly be considered as an outstanding performance with productivity per employee at its zenith
Mumbai: A KPI (key performance indicator) exercise is currently on at General Insurance Corporation of India (GIC Re). As per reliable sources, KPI exercise is going on in GIC Re, the national reinsurer. On the recommendation of Department of Financial Services (DFS), KPMG has been appointed as a consultant and the exercise is said to be in its final stage of implementation. However, the trade union leaders at the state-run reinsurer have raised questions over such an exercise.
They cite several reasons in support of their stance. The profit after tax (PAT) of Rs22,290 cr for the period from 2012 to 2022 achieved by a handful of 500 employees should certainly be considered as an outstanding performance with productivity per employee at its zenith. The management consultant's fees for this project can be construed as unwarranted, they feel.
Talking to Bizz Buzz, a reliable source in GIC Re requesting anonymity says, "we have also been informed that employees unions/officers' associations have not been taken into confidence about this exercise & no details have been shared with them even after various meetings with the management. Further, it looks like a one-dimensional approach from Finance Ministry and GIC Re Management."
Moreover, GIC Re United Forum has expressed its concern over the fact that GIC Re's performance and data was not considered on wage revision discussion which took place on August 4 and it has been observed that in the meeting held on August 4 between check-off unions/associations and General Insurance Public Sector Association (GIPSA) along with PSGICs' CMDs, the performance and data of GIC Re was not considered in the presentation given by CMDs, a letter by the Forum, addressed to GIPSA Chairman Suchita Gupta, said.
In this regard, we would like to have clarity from GIPSA & DFS whether GIC Re's wage revision for the period 2012-2017 is being considered in line with the PSGICs or not. If GIC Re's performance & data is not going to be considered in the upcoming discussions also and GIC Re is bound by the decision agreed between GIPSA and check-off unions/associations of PSGICs then that would be nothing short of deceiving the hard-working employees of GIC Re by GIPSA and DFS. We would wait for clarifications & reply on the above-mentioned issue, the letter said.
Further, we would also request GIPSA to call GIC Re's unions/ associations in the upcoming wage revision related discussions, if GIC Re's wage revision is not being considered separately from PSGICs for the period 2012-2017, it added.