Insurance unions to strike on Tuesday | india | Hindustan Times
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Insurance unions to strike on Tuesday

Trade unions of public sector insurance firms have called for a strike on Tuesday against the new insurance bill.

india Updated: Dec 22, 2008 20:36 IST
HT Correspondent

Trade unions of public sector insurance firms have called for a strike on Tuesday against the new insurance bill.

Senior CPM leader Sitaram Yechury said that the Left parties would support the one-day strike by the employees. “We have serious objections to the bill. Instead of learning lessons from the global economic crisis, the UPA government has decided to throw open the insurance sector to global financial speculative capital,” Yechury said. “It is beyond imagination as to how the companies which are struggling in their own countries are being allowed to increase stake in India.”

Earlier, the Left party MPs strongly protested in both houses of Parliament when the bill was introduced.

All India Insurance Employees Association, a body comprising the staff of public sector insurance firms, said the nation-wide strike is to protest the government's intention to raise the FDI limit from 26 per cent to 49 per cent.

According to All India LIC Employees Federation, which has 1.14 lakh members, the move indicates that the government is serving the interests of reformist agencies who wish to further strengthen their grip on the fast expanding insurance industry in the country.

If the government does not budge from its action, the employees shall be forced to go in for prolonged strike, the federation said.