PSU general insurance unions on strike today

Chennai: The Joint Forum of Trade Unions (JFTU) in the four public-sector general insurance companies have decided to strike work on Wednesday protesting against the Central government's move to privatise one of the insurers.

The Lok Sabha on Tuesday passed The General Insurance Business (Nationalisation) Amendment Bill-2021.

The four PSU non-life insurers are: National Insurance Company Ltd (NICL), The New India Assurance Company Ltd (already listed), The Oriental Insurance Company Ltd (OICL) and United India Insurance Company Ltd (UIIC).

Finance Minister Nirmala Sitharaman had earlier said one of the unlisted non-life insurers will be privatised.

According to the Joint Forum the amendment is not only contrary to the spirit of nationalisation of general insurance industry but also against the assurances made by the present government about strengthening of PSU general insurers, job security/benefit protection to their workforce. The unions said the amendment paves the way for selling out one of the insurers and the writing is on the wall for others as well. The unions have decided to go on a one day strike on Wednesday across the country.