Surya Jyoti Life Insurance taunts employees with unreasonable targets and training costs!

KATHMANDU, FEBRUARY 19: Surya Jyoti Life Insurance Company has been found to be pressuring its employees by setting aggressive quarterly business targets.

According to information obtained by aarthiknews.com, the company set a minimum target of 2.5 million rupees for its branch employees during the second quarter of the current fiscal year (2024/25).  The employees who met this target were rewarded with free training in Bandipur, while those who failed to achieve at least 80% of the target were called for training sessions in Kathmandu.

Several staffers have expressed concerns regarding a new policy that forces them to cover their own expenses if they do not meet the target. They reported that the company sets these quarterly targets as a means of creating stress and pressure.

In addition, there are allegations of corruption within the company, with certain employees claiming that training sessions have been used as a cover for unethical practices. One employee stated, “As per the insurance regulations, the company is required to allocate a certain amount for employee training expenses. However, employees who fail to meet targets are forced to bear the costs themselves.”

A recent inspection by the Insurance Authority revealed that the company had failed to allocate a proper budget for employee capacity building. Under Section 44(1) of the Institutional Governance Directive 2024, insurance companies are required to allocate 2% of the total employee expenses from the previous fiscal year for training and development initiatives. However, the company was found to be non-compliant with this requirement.