Insurance employees hold protest

Insurance employees raising slogans during protest at Jammu on Monday.
Insurance employees raising slogans during protest at Jammu on Monday.

Excelsior Correspondent
JAMMU, Nov 26: LIC employees across Jammu and Kashmir held protest under the banner of Northern Zone Insurance Employees’ Association during lunch hour outside their respective offices.
The employees were demanding one final option for old pension scheme and also to show solidarity with the State and Central Government employees who are on protest today at New Delhi against the National Pension Scheme demanding coverage of all employees under old Defined Benefit Pension Scheme.
Speaking outside LIC Office at Rail Head Complex at Jammu, Pawan Gupta Divisional Secretary NZIEA Srinagar Division said that the insurance employees have been on agitation for nearly a decade demanding final pension option and improvement in the pension scheme.
“The pension was introduced in LIC in lieu of management’s contribution to PF in the year 1995. Today nearly 87000 existing employees and 53000 pensioners and family pensioners are covered under this scheme in LIC. The pension fund has a corpus of around Rs 53904 crore as on March 31 this year and additional pension one time net liability of the option is around 2390 crore and increase in growth of premium will absorb the cost. A second option to join the scheme was given in 1997 and still some employees did not opt as there was no significant change in the interest rate regime. But a significant improvement in the form of full neutralization of DA came in the wage revision concluded in the year 2000 effective from August 1, 1997 making 1995 Pension Scheme much more attractive”, he added.
He stated that a few more improvements like eligibility for pension to the widow/divorcee daughters and dependent parents came about, adding that with these improvements it was natural for employees to expect another option and so the struggle is continuing.
Among others who spoke were Romesh Chand, Joint Secretary, Raj Kumar Sharma, Dinesh Sharma, Rajesh Kumar, Neelam Sharma, Convener Women Committee, Rekha Rani, Alkiya Sharma, Ruchi Jamwal, PriyaSharma, Nanak Chand, etc.