Members of Northern Zone Insurance Employees Association observe complete strike 

Ludhiana: Joining with other sections of working class, complete strike was observed today by the members of Northern Zone Insurance Employees Association in all the LIC offices of Ludhiana division. They gathered in front of Unit -3, Sham Nagar Ludhiana for registering their protest. The rally was also attended by the pensioners of LIC. 

The demands projected include no to privatisation of public sector units including units in the financial sector; to scrap the National Pension System (NPS), improve the EPS 95 and pension for all workers; withdrawal of the government circular on forced premature retirement of government and PSU employees; withdrawal of the anti-worker Labour Codes and antifarmer Farm Laws; expansion of rural employment guarantee scheme and introduction of employment guarantee in urban areas; 10 kg free ration per person per month to all in need and cash transfer of Rs.7500 per month for all non-income tax paying families.

While Addressing the rally Amarjit Singh Divisional Secretary, strongly opposed the move of the government to sell a part of the stake of LIC by bringing IPO in LIC. 

Com P P Singh, Divisional President said that the pushing through of the labour legislations as demanded by the industry has further marginalized the workers.

Inderjit Singh Rana, Branch Secretary, PGS Unit said that the anti-farmer bills pushed through in the parliament undermining federation is meeting stiff resistance from the farmers. The economy was already reeling under a severe contraction because of demonetization and faulty implementation of GST. The sudden announcement of a lockdown with hardly four hours’ notice took the economy on the path of a precipitous decline.

Com.N.S.Kala, Secretary, Pensioners Association said that the Reserve Bank of India has, in its latest monthly Bulletin for November, predicted that India’s economy will contract by 8.6% in the second quarter (July-September 2020) of the current financial year. Given the significantly higher contraction of 23.9% in the first quarter, the RBI says that the Indian economy has entered into a “Technical Recession” for the first time in the history of India. 

Com. Maan Singh, Divisional Joint Secretary said the government has made it absolutely clear that they would privatise all Central Public Sector Enterprises in non-strategic sectors. While in the strategic sector a maximum of four public sector units would be allowed, the private sector will also be allowed entry into it. Private investment has been allowed even in such strategic sectors as defence and space research, including planetary exploratory missions. It is clear that public sector has been immensely contributing to the national development. We have 10 Maharatnas, 14 Navarathnas and 74 Minirathnas in the 339 public sector units functioning in our country. According to the Public Enterprises Survey 2018-19, brought out by the Government of India, there were 339 CPSEs with a total investment of Rs. 16, 40,628 crore as on 31st March 2019. Overall net profit of operating CPSEs during 2018-19 stood at Rs. 1,42,951 crore as compared to Rs. 1,23,751 crore during 2017-18 showing a growth in overall profit of 15.52%. Public Sector is therefore not a drain on our precious resources. 

Com.Amarjit Singh, Divisional Secretary said that they are is of the firm opinion that IPO of LIC is the first step towards privatization of the most successful financial institution. LIC has grown leaps and bounds and today has developed into a financial behemoth with an asset base of Rs. 32 lakh crores. LIC has so far paid more than Rs. 28000 Crores of dividend to government as its 5% share in the surplus since 1956. Apart from that LIC has invested more than 30 lakh crores in the Indian economy in social sector as well as infrastructure development of the country. LIC is also the major financier for the government in as much as 25% of the loans raised by the government from the market is from LIC. There is no reason for the government to offload its share from LIC as LIC does not require any additional funding for expanding its business operations. 

Com Ritu Abaan demanded scrapping of Defined contribution pension scheme and covering all LIC employees under the 1995 defined contribution benefit pension scheme. 

The proceedings were conducted by Ashwani Sharma Branch Secretary Unit -3 Ludhiana.