Monday, Nov 22, 2004
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Advts: Classifieds | Employment | Andhra Pradesh
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Vijayawada
By Our Staff Reporter
VIJAYAWADA, NOV.21. Employees of the Life Insurance Corporation (LIC) would go on a one-day nation-wide strike on December 9 in support of their demand for wage revision. Lunch hour demonstrations would be held on November 24, December 3 and 8 at all LIC offices throughout the country. A decision to this effect was taken at a meeting of the unions, associations and federations representing the LIC employees at Mumbai on Sunday. Informing this in a press release here, the organising secretary of the Insurance Employees Union, Machilipatnam Division, G.Srinivas, regretted that despite repeated representations, the Government and the management failed to address the issue so far.
Wage revision sought
The wage revision in the insurance industry was pending for more than two years. The number of policies had gone up from 7 crores to 17 crores while the staff strength was constantly on the decline. The premium income recorded a constant growth and went up to Rs. 63,000 crores during the last financial year. But the wage bill as a percentage of the premium income came down to 5.49 per cent which was much below the global benchmark of 10 per cent, Mr. Srinivas said.
FDI cap opposed
He said that in addition to extending outstanding service to the policyholders, the employees were also fighting against the hike in foreign direct investments (FDI) cap in the insurance sector, levy of service tax and solvency margin norms. The employees had resorted to "one- hour" boycott of work on October 7 and a two-hour boycott on October 29 in support of their demand for wage revision.
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