Insurance companies to protest against privatisation : Insurance live

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The unions in the non-life and life sectors will be going on strike protesting against the government`s decision to privatise one of the general insurance companies, increasing foreign direct investment limit to 74 per cent and divest stakes in LIC by an initial public offer (IPO), union leaders told.

It is going to be a relay strike by unions in the public sector financial services sector domain.

After the two-day strike — Monday and Tuesday — by the bankers, unions in the public sector general insurance companies and Life Insurance Corporation of India will go on strike on Wednesday(March 17) and Thursday (March 18), respectively.

non-life and life sectors

The unions in the non-life and life sectors will be going on strike protesting against the government’s decision to privatise one of the general insurance companies, increasing foreign direct investment limit to 74 per cent and divest stakes in LIC by an initial public offer (IPO), union leaders told IANS.

General insurance sector

“All the unions in the general insurance sector have decided to strike work on Wednesday protesting against the government’s decision to hike FDI limit to 74 per cent, privatise one of the companies and demanding merger of the four companies and early conclusion of wage revision,” K.Govindan, General Secretary, General Insurance All India Employees’ Association (GIEAIA) told IANS.

Sanjay Jha, Secretary, Standing Committee (General Insurance)

Adding further Sanjay Jha, Secretary, Standing Committee (General Insurance), All India Employees” Association (AIIEA) told IANS: “We also demand scrapping of the new pension system and reverting back to the old pension system. We are also demanding an early conclusion of wage revision.”

four PSU non-life insurers

The four PSU non-life insurers are National Insurance Company Ltd, The New India Assurance Company Ltd, The Oriental Insurance Company Ltd and United India Insurance Company Ltd.

The four companies have over 7,500 branches and a total employee strength of over 60,000, Govindan said.

The two-day Nationwide bank strike caused a lot of inconvenience to the customers on services such as cash withdrawals, deposits, cheque clearances, remittance services. 

branches of private-sector lenders like ICICI Bank, HDFC Bank and Axis Bank are open

However, branches of private-sector lenders like ICICI Bank, HDFC Bank and Axis Bank are open as they are not part of the strike. Government transactions related to treasury as well as business transactions will also be impacted, news agency PTI has reported.

Visakhapatnam: Insurance Corporation Employees’ Union protests against proposed IPO of LIC @toi

After nationwide bank strike, now insurance companies to protest against privatisation

The four PSU non-life insurers are National Insurance Company Ltd, The New India Assurance Company Ltd, The Oriental Insurance Company Ltd and United India Insurance Company Ltd. The four companies have over 7,500 branches and a total employee strength of over 60,000, Govindan said.

Refrences | Now, PSU general insurance and life insurance employees to strike against privatisationExplained | Why public sector employees across India are protesting against privatisation and what is Centre’s responseStrike In Insurance Companies: निजीकरण व आईपीओ के खिलाफ आम बीमा कंपनियों में हुई जबरदस्त हड़तालPublic Sector Bank, Insurance Employees Get Support Of Trade Unions As They Strike Against Privatisation • Insurance companies to go on relay strike on THESE days, check details • 1.14 Lakh LIC Employees Protest Against Privatisation; Massive Strike On This Date trak.in • PSU general insurance and LIC staff to go on strike on March 17, 18 • PSU Insurance employees protest privatisation • PSU non-life & life insurance staff to go on strike