PSU general insurance unions end their strike on January 4
- ByStartupStory | January 3, 2023
An union leader said that the unions at the government-owned general insurance businesses and General Insurance Corporation of India Ltd (GIC Re) called off their strike on January 4 on Monday.
Following an agreement with the management of the enterprises at the conciliation conference held by the Chief Labour Commissioner, Central, the strike has been called off.
“Various arguments took place in the meeting from both sides and finally, the CLC advised the managements to give proper bilateral opportunity for discussion with the Associations within 15 days and take the suggestions,” Trilok Singh, Convenor-North Zone, Joint Forum of Trade Unions and Association (JFTU), told IANS.
He claimed that the CLC had also encouraged the administration to positively take into account the suggestions made by the associations.
“Managements agreed to meet the Associations within 15 days for the same. In the light of these instructions from the CLC’s office and the managements’ decision, we have decided to defer the strike till further advices,” Singh said.
The management representative stated during the conciliation hearing that it has been a subject of existence for the insurers since 2016. They said that the businesses are still having trouble surviving despite the government’s funding infusion. Companies must be cost-effective if they are to preserve their solvency ratio. The Department of Financial Services spokesperson also insisted that the insurers needed to perform better.
Girish Khurana, National Convenor of JFTY, issued the strike notice in retaliation for the unilateral implementation of the EY recommendations for the restructuring of the five reinsurers.
The Chairman-cum-Managing Directors of the five firms, the Joint Secretary of the Department of Financial Services, and Khurana had been invited by the CLC to a meeting for reconciliation.
For a very long time, the unions have been requesting a copy of the EY report. A copy of the power point presentation that the management had given them regarding the EY report.
“Bullet points contained in PPT (powerpoint presentation) reveal no details and we are unable to submit our view-points and suggestions in the matter,” Khurana said in a letter to Suchita Gupta, Chairperson GIPSA and Chairman-cum-Managing Director, National Insurance earlier.
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