After a two-day strike by banking unions on March 15 and March 16, unions in the public sector general insurance companies will go on a strike on Wednesday (March 17) and Life Insurance Corporation of India will go on a strike Thursday (March 18).
The joint strike is being held to protest against the government’s decision to privatise one of the general insurance companies increasing foreign direct investment limit to 74 per cent and divest stakes in LIC by an initial public offer (IPO). The union also wants fulfilment of demands like ending the NPS scheme and include benefits of the pension scheme 1995 for all. Negotiations for wage revision is also pending since August 2017.
“All the unions in the general insurance sector have decided to strike work on Wednesday protesting against the government’s decision to hike FDI limit to 74 per cent, privatise one of the companies and demanding merger of the four companies and early conclusion of wage revision,” K Govindan,…