BENGALURU: The employees of Life Insurance Corporation (LIC) and four public sector general insurance companies observed a nationwide strike on Monday, protesting against the passing of Insurance Laws (Amendment) Bill, 2015, by the Lok Sabha.
The agitators were supported by CITU, AITUC, INTUC, BMS and other central trade unions, bank unions, BSNL and public sector enterprises.
According to the protesters, the strike affected work in about 3,000 branches of LIC. There were no financial transactions in all the branch offices of LIC. In Karnataka, at least 5,000 people participated in the strike.
President of All India Insurance Employees Association Amanulla Khan said the passing of the law was unnecessary. He said the objective of opening the insurance industry to private players in 1999 has not been met.
“There is no justification in increasing the foreign equity limit from 26 to 49 per cent in the insurance sector. Taking the ordinance route on this Bill is like mocking the parliamentary process,” he said.
“The insurance industry is not capital intensive and enough resources are available within the country to meet the capital needs of the private companies. Political parties must see the danger and prevent the passage of this Bill in the Rajya Sabha,” said Khan.
Curated from: Insurance Workers Join All-India Protest