LIC EMPLOYEES participate in two-day strike

Ludhiana, February 20, 2013: On the call of Joint Forum of all Trade Unions of the country, LIC employees under the banner of AIIEA (All India Insurance Employees Association) participated the two-day strike starting from today onwards.

The rally of striking employees held today in front of LIC Divisional Office, Dugri where sky rocking slogans were raised against the neo-liberal Economic Policies of the UPA-2 Government.

While addressing the rally Harbans Singh, Divisional President said that the Policies of  UPA Government are totally Anti People , Anti Workers and Anti Common Man. He explained that the Govt is working totally for the capitalist and failed to control the price rise, unemployment.  He further added that the Government is not implementing the Labour Laws and exploitation of worker in unorganised sector is rising day by day. 

He further demanded for Minimum Wage of Rs. 10,000 per month which should be linked with Price Index and pension for all, for unorganised sector. Opposing the Foreign Direct Investment in Insurance Sector, he further criticised the UPA Government that the Standing Committee of Parliament, headed by Yashwant Sinha has opposed the increase in FDS Cap in Insurance Sector from 26% to 49% keeping in view the international finance crises in 2008 which was caused by the mismanagement of these Private Insurance Companies in those countries.

Amarjit Singh appraised the rally by mentioning the report of  RBI 2011-12 they told that the total FDI of $22 billion came into India whereas its outgo was $26.10 billion belies the argument of the government that nation needs FDI for the Investment and development of infrastructure.

He said moreover in the past five years, FDI in India is mainly flowed into the service sector (with an average share of 41%) followed by manufacturing sector (around 23%) and FDI inflow is very marginal in the infrastructure development. Despite very less disposable income of the people, the Insurance Penetration in India is 4.4% where as the World Average is 4%, USA 3.5%, Australia 3.1%, China 2.5% and Brazil 1.5%.

Singh said the argument of the Government that the promoting the FDI in India, Insurance Penetration (ratio of the Premium underwritten to the GDP) will increase is not tenable.

He further added that the total FDI in life sector (from 2001 – 2011) is only Rs. 5723 Crores whereas for the same period LIC has paid dividend of Rs. 7848.13 Crores to the government. As on date the investment in government and social sector by LIC is Rs. 819835 crores. The investment by LIC in the 11^th Five Year Plan (2007 – 12) is Rs. 704151 crores. Out of the total investment in the infrastructure by life insurance industry LIC alone has invested in infrastructure more than 90%.  LIC alone has paid Tax to the Govt. Rs. 4424.77 Crores In 2011-12 and Dividend to be paid to the Govt. on the equity of Rs. 5 crore for the same year is Rs. 1281.22 Crores. So the LIC alone in one year has paid the amount to the government which 22 private insurance companies in life sector could pay from the year 2001 till 2012. As per report of World Economic Forum which held its meeting recently India is ranked 1^st in the world (life sector) and 3^rd in the world (general sector). These ranks have been given to India on the basis of premium collection, insurance penetration and insurance density.

The rally was also addressed the B.L.Bhatia, General Secretary, LIC Pensioners’ Association. 

LIC Employees also raised slogan in support of their demands.

Demands:

·         Stop the disinvestment and privatisation of public sector.

·         Stop FDI in insurance sector.

·         Control the price rise.

·         Implement the Labour Law.

·         Provide social security to workers of organized and un-organized sector.

·         Stop contract system.

·         Implement pension for all.