insurance

New Delhi, IAS. About 40 thousand employees of four government non-life insurance companies (PSU insurance companies) of the country are on strike today to meet the demand for wage revision. A leader of All India Insurance Employees Association (AIIEA) has given this information.

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G Anand, general secretary of the South Zone AIIEA, said the four state-run general insurance companies—National Insurance Company Limited, The New India Assurance Company Limited, The Oriental Insurance Company—have about 40,000 or about 80 per cent employees. Ltd. and United India Insurance Company Ltd. They are going on strike for wage revision. This amendment was to be done in 2017.

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According to him, 16 trade unions and unions representing officers and clerks will be involved in this strike. However, All India General Insurance Employees Association (GIEAIA), a leading union of the state-owned general insurance sector, is not participating in the strike.

In August 2017, the salaries of the employees of the four companies were to be revised. Employees of public sector general insurance companies are quite unhappy with the completion of pay revision in banking and Life Insurance Corporation of India (LIC). On its part, the government has announced its intention to privatize one of the following companies – National Insurance, Oriental Insurance and United India.

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Earlier, employees of Public Sector General Insurance (PSGI) companies had observed a nationwide one-day strike to protest against the privatization of insurance companies. He went on strike to protest the General Insurance Business (Nationalisation) Amendment Bill, 2021. He said that the central government will have to hold more than 51 percent equity capital in the government insurance company. The employees said that it should not be forgotten that PSGI companies are present in the first five slots in terms of premium.

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