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Insurance employees plan `walkout'

By Our Special Correspondent

BANGALORE, OCT. 5. Employees of public sector general insurance companies have announced a "one-hour walkout strike" on Thursday, just before the lunch recess.

The strike has been called by the Joint Forum of Trade Unions and Association in General Insurance in the State. The main demands of the employees are: early negotiations for wage revision, overdue by two years; promotional exercise for 2004, which was withdrawn "unilaterally"; and scrapping the move to allow more foreign direct investments in the insurance sector.

Leaders of the forum said here on Tuesday that employees were justified in asking for a wage revision because the total income of the companies from premium had gone up by 15 per cent during 2003-04 to reach Rs. 13,828 crores. The public sector general insurance companies had a market share of 86 per cent.

The employees will hold a demonstration at the regional office of New India Assurance Company in Unity Building Annexe at 12.30 p.m.

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