The All India Insurance Employees Association is holdings its silver jubilee general conference from January 27 to 30, here and roughly 2,000 delegates, observers and prominent leaders from across the nation, are likely to attend.
N. Ramanachalam, convenor of the reception committee, told the media here on Friday that the main issues and problems faced by the insurance sector will be highlighted in the conference.
He said that the present policies of the Union government are harmful to all PSUs, especially the LIC and the GIC. He said that the association, which was formed in 1951, had fought for the nationalisation of insurance sector.
At that time the sector was in private hands, subsequently in 1956 the sector was nationalised and the LIC and the GIC had been performing extremely well since then.
However, the government is bringing in foreign capital through the FDI route.
FDI limit
The FDI limit in life insurance segment has been hiked to 51% and in the next session of Parliament a bill is likely to be introduced to hike it further to 74%.
The association opposed the bill, similarly, he said that the government is also toying with the idea of listing the LIC and the GIC by going public through an IPO. The association also opposes the move, he said.
He said the freeze in recruitment should be lifted and class 3 and 4 employees should be recruited in both the PSUs.
The issue of pending wage revision would also be discussed in the conference.
The union also opposes the proposed reforms to labour laws, as they will take away many of the rights of the workers.
K.V. Ramana, former Vice-Chancellor of Andhra University and member of the reception committee, said that the government should not introduce any bill which will harm the interests of the LIC and the GIC. Both PSUs are performing exceedingly well.
Aja Sarma, K.V.S.N. Murthy and other office-bearers also spoke.
