He said that the imposition of KPIs is having a serious impact on the health of the industry, employees, agents, surveyors and customers.
He said that the imposition of KPIs is having a serious impact on the health of the industry, employees, agents, surveyors and customers.
Ten central trade unions (CTUs) in the opposition camp have urged the Center to stop the “unilateral imposition” of key performance indicators (KPIs) for general insurance companies (GICs). The CTU, in a letter to Union Finance Minister Nirmala Sitharaman, said that the Department of Financial Services and the General Insurers Public Sector Association (GIPSA) management have started implementing the KPI process without the approval of the boards of insurance companies. “This is illegal and unconstitutional,” the CTU said in the letter.
He said that imposition of KPI is having serious impact on health of industry, employees, agents, surveyors and customers, citizens as hundreds of offices are proposed to be closed or merged in the name of KPI and restructuring. “Moreover, the employees are upset that their long-term settlement has already been delayed by 64 months. They have been promised a pay hike at par with LIC (15%), but it has not seen the light of day so far,” the CTU said.
He said that “Bell Curve based performance appraisal” has already been understood as a failure and rejected by major organizations globally, including many large multinationals. “This is being done on the suggestions of external consultants, who barely understand the intricacies and problems involved if such a system is implemented without detailed understanding, planning and road maps,” the CTU said in the letter.
The CTU said that they fully agree with the stand of the regional trade unions that the final report of the consultants on KPIs should be discussed with all stakeholders before implementation and till then the KPIs should be kept in abeyance. “The government is bent on completing some of the dilution-related works and thereby harming the public sector to finally facilitate privatization before 2024,” the CTU said in a statement.