Increasing FDI in insurance sector flayed
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Representatives of various insurance employees unions spoke against announcements in the Union budget.
The All India Insurance Employees’ Association organised a conference here on Friday. N. Suresh Kumar, district vice-president of Insurance Corporation Employees’ Union, R. Deivaraj of the Centre for Indian Trade Unions, and representatives of various insurance employees unions spoke.
They objected to the announcement of increasing FDI in the insurance sector from 49% to 74%. They condemned the announcement to privatise one general insurance company. They criticised the announcement of Initial Public Offering of Life Insurance Corporation of India in this financial year.
Excelsior Correspondent
JAMMU, Feb 8: As per the joint call of Federation of Class-1 Officers’ Association, National Federation of Insurance Field Workers of India (NFIFWI) and All India Insurance Employees’ Association (AIIEA), LIC employees of Jammu & Kashmir held massive demonstrations during lunch recess today in front of LIC offices to express their strong resentment against the proposals of the Union Budget 2021-2022 presented by the Union Finance Minister on February 1, 2021.
The unions were represented and led by Vijay Khajuria from class-1 Federation, Rakesh Magotra from NFIFWI and Pawan Gupta from Northern Zone Insurance Employees’ Association. The leaders said that the Union Budget announced by the Finance Minister on February 1, 2021 proposes to amend the Insurance Act 1938 to increase FDI in the insurance sector from 49% to 74% and allow foreign ownership in insurance with some safeguards. She announced her plans to privatise one general insurance company along w
LIC employees to intensify stir against move to raise FDI cap
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LIC employees stage a protest in Palayamkottai on Tuesday.
The Narendra Modi-led government’s decision to increase Foreign Direct Investment (FDI) cap in the insurance sector from 49% to 74% has triggered unrest among employees of Life Insurance Corporatiuon (LIC), who staged a demonstration in front of the LIC Divisional Office in Palayamkottai on Tuesday.
While presenting the Union government’s Budget proposals for the next fiscal in the joint session of the Parliament on Monday, Finance Minister Nirmala Sitaraman said the FDI cap would be upwardly revised to 74% from existing 49% “with safety measures.” “The Centre’s decision to go in for Initial Public Offer (IPO) or increasing FDI will undermine the well-being of LIC, its employees and also the policyholders. This dangerous move will enable foreign investors or a small number of billionaires to control LIC’s val