Employees of public sector general insurance companies (PSGI) have staged a nationwide strike Wednesday to protest the privatization of state-owned insurance companies. All India General Insurance Employees Union General Secretary K Govindan has called for a one-day strike against the passage of the General Insurance Business (Nationalization) Amendment Bill, 2021, in the Lok Sabha. He said employees of all four PSG’s were involved in the day-long strike.
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The Lok Sabha passed the bill without debate on Monday amid opposition from opposition parties over Pegasus’ behavior and other issues. The bill will come up for debate and ratification in the Rajya Sabha on Wednesday. After the passage of the bill, the central government could own less than 51 per cent stake in the insurance company, which could be privatized.
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The All India Insurance Employees Association (AIIEA) has taken steps to privatize all four public sector general insurance companies and the GIC Re. The AIIEA said, “This is not a privatization but a finance minister’s argument that more private participation is a step.”
