Excelsior Correspondent
JAMMU, Mar 15: Continuing their struggle to demand conclusive negotiations on wage revision since August 1, 2017 and also against IPO in LIC, the employees of the Corporation held massive demonstrations today under the banner Joint Front of LIC Class-1 Federation, National Federation of Insurance Field Workers of India and All India Insurance Employees’ Association during lunch recess in offices of LIC of India across Jammu & Kashmir.
The demonstrations were jointly led by Vijay Khajuria- Secretary Class-1 Federation Srinagar Division, Rakesh Magotra- Secretary National Federation of Insurance Field Workers of India Srinagar Division and Pawan Gupta- Secretary, Northern Zone Insurance Employees’ Association, Srinagar Division.
Speaking on the occasion at DO Cell Jammu, the leaders demanded immediate negotiations on wage revision of LIC employees resulting to the conclusion of wage revision that has been due since August 1, 2017. It has been more than three and a half years that employees are devoid of their right. This inordinate delay has caused a lot of resentment among employees. In spite of the fact that productivity per employee has increased to a big extent and also servicing to customers has touched the sky, the aspect of wage revision of employees is not being taken care of.
The LIC employees are demanding genuine wage hike of 40 %. They strongly opoposed the proposed hike in FDI in insurance sector from 49 % to 74 %. Actual share of FDI in total investments in private insurance sector as on March 31 is Rs 9764.20 crore, which is much less than 49 %, as per annual IRDAI Report. Hiking of FDI will result in management control of foreign companies over domestic savings of our people, a great risk on the hard earned money of policyholders.
Strongly opposing IPO in LIC, the leaders said that it is a first step towards privatisation. There is no need of LIC IPO as LIC itself creates 3.5 to 4 lakhs crore of investible funds annually, its asset base is more than GDP of 75% of countries in list of United Nations, it will result in harm to policy holders because much concentration will be given in increasing profits to the shareholders.
It was announced that one day walk out strike will be observed by LIC employees all over the country on March 18.
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