Insurance employees condemn Centre’s move to increase FDI

December 30, 2014 10:20 am | Updated 10:20 am IST - MADURAI:

LIC employees staging a demonstration on Monday condemning the Centre's proposal to increased FDI in the insurance sector. Photo: S. James

LIC employees staging a demonstration on Monday condemning the Centre's proposal to increased FDI in the insurance sector. Photo: S. James

Members of Insurance Corporation Employees Union of the Madurai Division held a protest outside the Life Insurance Corporation of India (LIC) premises near the Railway station here on Monday condemning the ordinance passed by the government increasing Foreign Direct Investment (FDI) in the insurance sector from 26 per cent to 49 per cent.

The members demanded that the government withdrew the ordinance.

Strengthen companies

A press release from N. Suresh Kumar, General Secretary of the Insurance Corporation Employees Union Madurai Division, stated that the employees union demanded more effort for strengthening public sector companies rather than allowing an increased FDI in the sector which may weaken the existing companies. More than 300 employees participated in the protest.

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