After a two-day strike by bank employees, now employees of the public sector general insurance companies and Life Insurance Corporation of India (LIC) will go on strike on Wednesday (17 March) and Thursday (18 March). The union leaders of these insurance companies said that the unions of the non-life insurance and life insurance sectors were privatized by a general insurance company, raising the foreign direct investment (FDI) limit in the insurance sector to 74 per cent, and LIC through an initial public offer. Will strike in protest against disinvestment of shares.
General Insurance All India Employees Association (GIEAIA) Secretary-General K Govindan said, all the unions in the General Insurance sector have raised the FDI limit in the insurance sector to 74 per cent, against privatizing one company and merging four companies and in salaries. It has decided to strike on Wednesday to demand an early decision on the amendment.
This is the reason for the strike
All India Insurance Employees Association (AIIEA) General Secretary Shrikant Mishra said, on the other hand, to raise the limit of LIC’s Union FDI from 49 per cent to 74 per cent, against reducing stake in LIC through IPO and demand for revision of salary. Will strike on Thursday Mishra said that LIC management has offered a 16 per cent hike in salary after four rounds of negotiations.
Sanjay Jha, Secretary of the Standing Committee (General Insurance) of the All India Employees Association (AIIEA), said, “We demand the abolition of the new pension system and re-adoption of the old pension system.” We also demand an early decision regarding the revision of the pay scale.
Insurers’ offices will be closed on March 17
All the offices of the insurance industry including National Insurance, Oriental Insurance, United Insurance and New India Insurance will be closed on March 17. The four companies have more than 7,500 branches and a total employee strength of over 60,000.
Meanwhile, insurance employees and officials of the National Insurance Company jointly decided to opt-out of the strike on Wednesday.
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