Insurance Employees Observe Token Strike

AT the call of the All India Insurance Employee’s Association (AIIEA), Class III and IV employees of LIC & GIC successfully observed a two-hour walkout strike on October 29.

The strike, held in the pre-lunch session, was a complete success and no official business could be transacted during this period.  The strike call had been given to demand the long overdue wage revision (since August 1, 2002) and also to demand withdrawal of the proposal of government of India to hike FDI limit from 26 per cent to 49 per cent in insurance sector. All the classes of employees are determined to go on a one-day strike in the month of November 2004 in case the LIC/GIC managements do not come out with a concrete proposal on wage revision.

During this two-hour strike period, a rally was held before Jeevan Bharti building in Connaught Place which was addressed by A K Bhatnagar, general secretary NZIEA and other trade union leaders of LIC and GIC. Bhatnagar deplored the callous attitude of the management on wage revision despite untiring efforts made by the employees for the prosperity and growth of LIC. The contribution of the employees has created Rs 548.13 crore as dividend for government of India on its equity of Rs 5 crore in addition of Rs 1,506.28 crore paid to the government in the form of Income Tax and other taxes in a single year 2003-04. As regards to clean performance, LIC has created a world record by settling 99.85 per cent of outstanding claims and the pending claims are negligible. He cautioned the LIC/GIC management not to test the patience of insurance employees and asked them to settle the wage revision at the earliest.

Similar rallies were also held at the offices of LIC and GIC throughout India.

The insurance employees are also agitated on the move of the government of India to hike the limit of FDI from 26 per cent to 49 per cent in insurance sector and are of the firm opinion that FDI in insurance sector will create havoc in the economy of the country.  Besides, if the public sector institutions LIC and GIC are weakened, the money being generated through these giant insurance institutions will be eaten away and diverted out of India through dubious means by the foreign capital. The insurance employees are creating public awareness on this issue so as to force the government to shelve this unwise proposal of hiking FDI in insurance sector. They have made clear their determination to observe a one-day strike in case the government of India introduces a Bill in parliament to increase the FDI limit in insurance sector. (INN)