Increasing FDI in insurance sector flayed
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Representatives of various insurance employees unions spoke against announcements in the Union budget.
The All India Insurance Employees’ Association organised a conference here on Friday. N. Suresh Kumar, district vice-president of Insurance Corporation Employees’ Union, R. Deivaraj of the Centre for Indian Trade Unions, and representatives of various insurance employees unions spoke.
They objected to the announcement of increasing FDI in the insurance sector from 49% to 74%. They condemned the announcement to privatise one general insurance company. They criticised the announcement of Initial Public Offering of Life Insurance Corporation of India in this financial year.
Insurance employees oppose privatisation of steel plant
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February 21, 2021 17:27 IST
‘Only united struggles by all trade unions can bring a change in the attitude of the government’
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‘Only united struggles by all trade unions can bring a change in the attitude of the government’
The South Central Zone Insurance Employees’ Federation vice president P. Satish has recalled the historic struggle for the achievement of Visakhapatnam Steel Plant (VSP) and 32 persons losing their lives for the sake of the plant.
At a seminar on ‘Visakha Ukku Parirakshana’, organised by the Insurance Corporation Employees’ Union(ICEU), Visakhapatnam, here on Sunday, Mr. Satish, who is also general secretary of ICEU, Rajahmundry, said that the Centre, in the name of reforms, was dismantling the VSP. The Centre was also keen on going ahead with the IPO in the LIC, despite resistance from the unions. He said that only united struggles by all trade union
LIC employees to intensify stir against move to raise FDI cap
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LIC employees stage a protest in Palayamkottai on Tuesday.
The Narendra Modi-led government’s decision to increase Foreign Direct Investment (FDI) cap in the insurance sector from 49% to 74% has triggered unrest among employees of Life Insurance Corporatiuon (LIC), who staged a demonstration in front of the LIC Divisional Office in Palayamkottai on Tuesday.
While presenting the Union government’s Budget proposals for the next fiscal in the joint session of the Parliament on Monday, Finance Minister Nirmala Sitaraman said the FDI cap would be upwardly revised to 74% from existing 49% “with safety measures.” “The Centre’s decision to go in for Initial Public Offer (IPO) or increasing FDI will undermine the well-being of LIC, its employees and also the policyholders. This dangerous move will enable foreign investors or a small number of billionaires to control LIC’s val
Staff members form human chain at lunch hour
Members of the Insurance Corporation Employees’ Union (ICEU), Machilipatnam division, at CB-2 and CAB branches located at Bhavanipuram, formed a human chain at lunch hour, raising slogans like Protect and save LIC’. The demonstration was staged in response to a call given by All India Employees’ Association (AIIEA) to observe the 65th anniversary of the Nationalisation of Life Insurance Business.
Divisional joint secretary Ch. Kaladhar recalled that in 1956, the Government of India promulgated an ordinance and took over the management of 245 private insurance companies which had unleashed a reign of loot and plunder and had been resorting to financial misappropriations.