Wage hike in insuranceMUMBAI: Insurance industry employees are likely to get a wage hike between 11.5 and 12 per cent in their next salary revision. This time round, salaries would have the productivity element factored into it, senior insurance sector officials said.Both the General Insurance Corporation (GIC) and the Life Insurance Corporation (LIC) have sent in their recommendations to the Union finance ministry, officials said. Both GIC and LIC have put in place their models of productivity-linked wage structure, where broadly the performance of each division is taken into account and a weighted average arrived at for computing the income.Tata SteelJAMSHEDPUR: Tata Steel, the flagship steel making company, has entered into an agreement with the Tinplate Company of India Limited (TCIL) for financial restructuring of TCIL. Tata Steel MD J J Irani said that following an extended negotiation with the financial institutions led by ICICI, TCIL and Tata Steel, the latter would convertRs 50 crore of trade dues and Rs 6 crore of inter-corporate deposits to TCIL (total Rs 66 crore) into 12.5 per cent non-cumulative optionally convertible preference shares.
