Insurance companies to go on relay strike on THESE days, check details

After a two-day strike by banking unions on March 15 and March 16, unions in the public sector general insurance companies will go on a strike on Wednesday (March 17) and Life Insurance Corporation of India will go on a strike Thursday (March 18).

The joint strike is being held to protest 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). The union also wants fulfilment of demands like ending the NPS scheme and include benefits of the pension scheme 1995 for all. Negotiations for wage revision is also pending since August 2017.

"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.

All 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 over 7,500 branches and a total employee strength of over 60,000.

"Last week our union officials along with D.Raja, Rajya Sabha Member and General Secretary, Communist Party of India Amet Finance Minister Nirmala Sitharaman and impressed upon her to merge the four PSU general insurers into a single entity," Govindan said.

"We also told her to introduce pension for the employees of the erstwhile Tariff Advisory Committee (TAC) and Loss Prevention Association and conclude wage revision for the employees at the earliest," he added.

Meanwhile, the insurance workers and officials of the National Insurance Company have unanimously decided to opt out of the joint strike on Wednesday (March 17).

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."

"The unions in LIC will go on strike on Thursday protesting against the central government's decisions like (a) hiking FDI cap from 49 per cent to 74 per cent (b) Divesting of stakes in LIC by an IPO and demanding early conclusion of wage revision," said Shrikant Mishra, General Secretary of the All India Insurance Employees Association (AIIEA).