LIC employees oppose Insurance Bill, observe strike

Tribune News Service

Ludhiana, March 9

Employees working in all branches of the Life Insurance Corporation today observed a one-day strike against the Bill that was introduced by the government in the Lok Sabha on March 3.

“The democratic and parliamentary processes have been violated since the Bill is pending for consideration in the Rajya Sabha. Despite opposition, the government went ahead to pass the Insurance Bill,” said Amarjit Singh, divisional secretary of the Northern Zone Insurance Employees’ Association.

“The Bill is an attack on the public sector insurance industry and the Indian economy. More attacks are bound to come at the behest of corporate houses. The Bill facilitates foreign investors to gain access to the domestic savings of people of the country. It also enables the disinvestment of profit making general insurance sector,” he added.

“The LIC continues to dominate the market in terms of premium income and number of policies. It has paid Rs 1,635 crore to the government as dividend for 2013-14 which translates to a staggering 1,635 per cent return on the capital employed. No industry anywhere in the world can deliver such massive returns,” said the agitating employees.

“The insurance employees will continue to campaign against this retrograde move of the government,” said Amarjit Singh.