The Hindu Business Line : LIC, GIC employees protest tabling of insurance Bill

Mumbai, Dec. 23 Employees of Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC) went on a one-day strike on Tuesday to protest the tabling of the insurance reforms Bill in the Rajya Sabha.

The Bill proposes an increase in the FDI limit from 26 per cent to 49 per cent in the insurance sector.

The employees are also opposing the proposed amendments tabled in the Lok Sabha allowing an increase in LIC’s share capital from Rs 5 crore to Rs 100 crore.

The strike saw the participation of LIC and GIC employees from all over India and was called under the aegis of All India Insurance Employees’ Association.

Around 1,15,000 employees and officers of LIC went on strike today, said Mr A.V. Nachane, General Secretary, All India LIC Employees Federation.

The company’s executive directors, zonal managers and senior divisional managers, did not participate in the strike, Mr Nachane said.

At GIC, around 65,000 employees and officers participated in the strike.

“The insurance reforms Bill was tabled in the Rajya Sabha to ensure that the Bill does not lapse. Though we know that no action can be taken till after the general elections are held, the strike was called to ensure that we register our protest against the Government’s decision,” said the union official.

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LIC, GIC employees protest tabling of insurance Bill