Public sector general insurance employee union oppose 100% FDI move

The proposed introduction of 100 per cent FDI in the insurance sector and other amendments to insurance laws by the Central Government were also discussed

A union representing employees of public sector general insurance companies has issued a statement criticising the introduction of 100 per cent foreign direct investment (FDI) in the insurance sector and amendments to insurance laws.

 

Joint forum of Unions & Associations of Officers & Employees (JFTU) said in a statement, “The proposed introduction of 100% FDI in the insurance sector and other amendments to insurance laws by the central government, were also discussed. The house condemned such moves which are derogatory to all stakeholders in this strategic sector. These proposals shall be derogatory not only to the interest of (Public Sector General Insurance Companies) PSGICs and their employees but also to the economy and insuring the public of our country.”

 

The union also discussed other demands of employees including wage revision which has been pending since August 1, 2022, desired improvements to NPS at 14 per cent, increase in family pension.