Insurance unions opposed to a role for private sector
 
Six major trade unions have announced their decision to 
protest against the Union government's Budget proposal to 
open up the insurance sector to private Indian companies.
 
The All-India LIC Employees Federation, All-India Insurance 
Employees Association, Federation of LIC Officers Association,
National Organisation of Insurance Workers, NFI Field Workers of 
India, and All-India Life Insurance Employees Association, in a 
joint statement, expressed resentment over the budgetary announcement
of the finance minister of opening up the insurance sector to the 
private companies as a part of reform in the financial sector.
 
They said on Wednesday that they would resist such moves through a joint 
agitational programme of actions which would be chalked 
out at a national level meeting shortly.
 
According to trade union leaders, the new move for providing 
better insurance cover and mobilising resources for infrastructural 
development sounded "hollow and meaningless." They said LIC now 
covered more that 70 million lives and was committed to providing Rs 
300 billion towards infrastructural development during the ninth 
five-year plan. 
 
The unions felt that privatisation, if pursued, would harm the 
interest of the nation as well as 70 million policy holders and 
about 200,000 officers and employees working in the insurance 
sector.
 
They also decided to hold joint protest demonstrations at all 
divisional centres at LIC during lunch hours on June 8.
 
Budget '98
 
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