Over 1,700 insurance employees strike work in northeastDecember 23rd, 2008 - 4:33 pm ICT by IANS
Agartala, Dec 23 (IANS) Over 1,700 insurance employees in the northeast went on strike Tuesday as part of a nationwide protest against the government’s move to raise foreign direct investment (FDI) in the insurance sector. More than 1,700 insurance employees belonging to 22 branches of Life Insurance Corp of India (LIC) and the General Insurance Corp (GIC) in Tripura, Manipur, Mizoram and Assam took part in the strike, said Dipankar Chakraborty, a spokesman of the All India Insurance Employees Association (AIIEA).
The AIIEA called for the nationwide strike, protesting against the government’s move to amend the Insurance Act and the General Insurance Business (Nationalisation) Act.
The strike was supported by half-a-million insurance agents.
The proposed amendments seek to increase the FDI cap to 49 percent from 26 percent and LIC’s capital to Rs.1 billion from the present Rs.50 million.