Madurai
Representatives of various insurance employees unions spoke against announcements in the Union budget.
The All India Insurance Employees’ Association organised a conference here on Friday. N. Suresh Kumar, district vice-president of Insurance Corporation Employees’ Union, R. Deivaraj of the Centre for Indian Trade Unions, and representatives of various insurance employees unions spoke.
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They objected to the announcement of increasing FDI in the insurance sector from 49% to 74%. They condemned the announcement to privatise one general insurance company. They criticised the announcement of Initial Public Offering of Life Insurance Corporation of India in this financial year.
The reasons given by the government for bringing the LIC IPO were unwarranted. The announcement was made in an undemocratic manner, they said.