The unions demanded that the government must withdraw the proposal permitting 100% FDI in the insurance sector and stop the privatisation of Life Insurance Corporation and the four PSU general insurance companies
New Delhi: Finance Minister Nirmala Sitharaman has met leaders of All India Trade Union Congress (AITUC), General Insurance Employees All India Association (GIEAIA) and other Central Trade Union leaders on Tuesday for the pre-budgetary discussion.
Pankaj Chaudhary, minister of state, Ministry of Finance, was also present during the meeting.
During the meeting, the unions strongly opposed the privatisation of PSUs and the insurance industry.
The unions opposed the formation of the four Labour Codes, stating that they undermine workers’ rights.
They demanded that the government must must withdraw the proposal permitting 100% FDI in the insurance sector, which is detrimental to the interests of the common people of the nation and stop the privatisation of Life Insurance Corporation and the four PSU general insurance companies , including moves such as the LIC IPO,
The unions further emphasized the need to fill up all vacant posts, generate more employment and strongly urged the government to grant one more pension option to existing employees.
Reiterating the long-pending issues of the insurance sector, GIEAIA urged Sitharaman to expedite the gazette notification of the wage revision of PSU general insurance companies, along with 14 per cent NPS contribution and 30 per cent family pension.
The officials of the Department of Financial Services have assured that the issues raised will be addressed very shortly, said sources.
It is our submission that the wage revision to PSG II instead of 2014 bench mark it should be extended upto 2020.There for good no. Retirees will get benefit as the president wages/pension are very low which will suit the present economical conditions and rate of inflation is very high. Therefore in the greater interest of retirees who she’d their swet for the growth of Industry which is known factor. Once again it is prayed that the pay revision benefits must and should be extended upto 2020.