The Hindu Business Line : Insurance staff federation meet begins today

The 29th General Conference of the South Zone Insurance Employees' Federation begins on Saturday. The four-day event is to be inaugurated by the Kerala Education Minister, Mr M.A. Baby.

Over 3,000 employees from Tamil Nadu, Kerala and the Union Territory of Pondicherry are expected to attend this event.

Addressing presspersons, the Joint Secretary of the All India Insurance Employees' Association (AIIEA), Mr Amanulla Khan, said the association would fight all attempts made towards increasing FDI (Foreign Direct Investment) limit from the present 26 per cent to 49 per cent.

FDI hike

Asserting that the Government's argument in favour of FDI hike in insurance sector was "misplaced and weak'', Mr Khan pointed out that not a penny of the global premium mobilised by the foreign partners of private companies over the last six years had been invested in Indian infrastructure.

"There is no reason to believe that this could happen in future. It would only enable these multinational companies to gain greater access and control over domestic savings with the possibility of capital flowing out. It would be disastrous to the economy,'' he said.

The insurance employees would resist this move among other demands such as need-based recruitment, recognition of the AIIEA and the anti-employee policies of the Government by calling a day's strike on December 14.

Recruitment

On recruitment, he said: "there is an urgent need to rope in 8,000 clerical staff to service insurance policies. There has been no recruitment in LIC for the past 13 years despite the considerable reduction in staff strength due to retirements and natural exits. The number of policies have tripled during this period from 7 crore to over 20 crore,'' he said.

More Stories on : Trade & Labour Unions | Insurance | Tamil Nadu

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