Employees oppose disinvestment of shares in insurance companies

Tribune News Service

Jalandhar, September 22

The General Insurance Employees Union opposed the disinvestment of shares in New India, National, Oriental and United India insurance companies. In this regard, the union is holding a conference on September 23 and 24.

The union has been demanding the merger of National, New India, Oriental and Unit India into a single monolithic corporation.

JP Sharma, general secretary, in a press conference, said the Central Government had taken fast measures to weaken the public sector general insurance companies ie National, New India, United India and Oriental Insurance companies. The government introduced the Insurance Laws Amendment Bill in Parliament to increase the Foreign Direct Investment from 26 to 49 per cent.

“A meagre amount of Rs 578.48 crore was received during the year 2015-16. Due to the increase of FM in the insurance sector, huge amendment by way of share of profits goes to foreign companies. Indian private players will get the highest profits by selling their share to foreign partners and the benefit to people of our country is zero,” Sharma alleged.

The union members said to provide better service to the people and economy of the country, the Central Government had to merge the four 4PSGI companies into 21 single monolithic corporations.

UNION MEMBERS FLAY MODI GOVERNMENT

JP Sharma, general secretary of the union, in a press conference, said the Central Government had taken fast measures to weaken the public sector general insurance companies ie National, New India, United India and Oriental insurance companies. The government introduced the Insurance Laws Amendment Bill in Parliament to increase the Foreign Direct Investment from 26 to 49 per cent