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

It goes to be a relay strike by unions within the public sector monetary companies sector area.

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

The unions within the non-life and life sectors can be occurring strike protesting against the federal government’s choice to privatise one of many normal insurance companies, growing overseas direct funding restrict to 74 per cent and divest stakes in LIC by an preliminary public supply (IPO), union leaders instructed IANS.

“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,” Ok.Govindan, General Secretary, General Insurance All India Employees’ Association (GIEAIA) instructed IANS.

Adding additional Sanjay Jha, Secretary, Standing Committee (General Insurance), All India Employees” Association (AIIEA) instructed 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 4 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 4 companies have over 7,500 branches and a complete worker power of over 60,000, Govindan stated.

The two-day Nationwide bank strike induced numerous inconvenience to the shoppers on companies equivalent to money withdrawals, deposits, cheque clearances, remittance companies. 

However, branches of private-sector lenders like ICICI Bank, HDFC Bank and Axis Bank are open as they don’t seem to be a part of the strike. Government transactions associated to treasury in addition to enterprise transactions can even be impacted, information company PTI has reported.