Excelsior Correspondent
JAMMU, Feb 27 : The General Insurance Employees’ All India Association (GIEAIA) today expressed serious concerns regarding the future of public sector general insurance companies, in a meeting held here today.
The meeting was attended by employees of all Public Sector General Insurance Companies (PSGICs).
Speaking on the occasion, Trilok Singh, General Secretary GIEAIA urged the Government to opt for consolidation rather than privatization of public sector insurers.
He proposed the merger of National Insurance Company Limited, United India Insurance Company Limited, The Oriental Insurance Company Limited and The New India Assurance Company Limited into a single, strong government-owned “mega insurance company.”
Singh stated that such a merger would enhance operational efficiency, ensure financial stability, safeguard employment, and better address the country’s social insurance needs.
He emphasized that strengthening public sector institutions is crucial for maintaining stability in the insurance sector.
Singh also expressed strong opposition to the government’s policy of allowing 100 percent Foreign Direct Investment (FDI) in the insurance sector and moves toward privatization.
According to him, insurance is not merely a commercial activity but an essential social security service.
He argued that foreign companies primarily operate with a profit motive and may repatriate earnings abroad, potentially impacting India’s economic sovereignty.
Highlighting the achievements of employees’ sustained efforts, Singh said that after 45 months of struggle by employees, officers and pensioners, significant gains were secured, including wage revision, 14 percent contribution under the National Pension System (NPS) and a 30 percent increase in family pension.
Other demands of the association are Scrapping of Labour codes, withdrawal of 100 pc FDI in insurance sector, complete halt to privatization, recognisation of the national union, permanent employment of contract workers and direct recruitment in all cadres.
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