The State Insurance Company of Mauritius (SICOM) is facing growing tensions over its salary review process. The Federation of Parastatal Bodies & Other Unions (FPBOU) and the SICOM Employees Union held a press conference on September 22 to address the Salary Review 2025 and the potential removal of the Group Chief Executive Officer (GCEO). The unions argue that the salary review has become a pressing issue that needs to be discussed publicly.
SICOM has a specific mechanism for revising salaries every three years, led by an independent Salary Commissioner. This process not only covers basic salaries but also includes a fixed component, such as certain allowances, and a variable component tied to the company's profitability and individual employee performance. According to SICOM's integrated report, the company aims to attract and retain employees with competitive salaries.
Despite this, the unions claim that the current salary review does not adequately address employee concerns. The Salary Review 2025 has become particularly contentious given SICOM's significant role in the public and parastatal sectors. As of June 2025, the company managed approximately Rs 86.8 billion in investments, generating Rs 5.9 billion in revenue and a pre-tax profit of Rs 2.3 billion.
The salary review is not just about a percentage increase; it also involves issues of purchasing power, career progression, equity among employee categories, and the company's ability to retain its skills. The unions' push for a salary review reflects broader concerns about the alignment of employee compensation with economic conditions and company performance.
In addition to the salary review, the FPBOU and SICOM Employees Union have called for the revocation of the GCEO, currently Nandita Ramdewar, who has been in the position since May 2021. The unions' demands raise questions about the governance and leadership of SICOM, which has a governance committee, a sustainability committee, and a human resources committee.
The conflict over the salary review and GCEO's position highlights the challenges SICOM faces in balancing its compensation policies, performance, employee expectations, and leadership responsibilities. With the unions having made their concerns public, the outcome will depend on the proposals for the Salary Review 2025 and the responses from the company.
The situation at SICOM underscores the complexities of managing a major parastatal company in Mauritius. The company's future actions will be closely watched, as they will need to address employee concerns while maintaining its financial performance and governance standards. The unions' public stance ensures that the salary review and leadership issues at SICOM will remain in the spotlight.
Key points
- The unions are pushing for a salary review and the removal of the GCEO, citing concerns over employee compensation and governance.
- SICOM has a specific mechanism for revising salaries every three years, led by an independent Salary Commissioner.
- The company's future actions will need to balance employee concerns with financial performance and governance standards.
