Maximum Government and Maximum Interference in 4 PSU non-life companies: Unions

Chennai (IANS) At a time when major corporate policies come up for renewals, employees of four government-owned general insurance companies have announced a one-day strike on March 29.

The Joint Forum of Trade Union and Association (JFTU) announced the strike on Friday.

Employees of the four general insurers held a protest across the country on Thursday against the management’s decision to go ahead with the implementation of an outside consultant’s (EY) report allegedly at the “behest” of the Finance Ministry officials.

The JFTU alleges that the restructuring is covertly targeted to dismantle the public sector and favour the private sector companies.

According to JFTU the four companies – National Insurance Company Ltd, Oriental Insurance Company Ltd, United India Insurance Company Ltd and The New India Assurance Company Ltd – are losing their business in the centers where the pilot projects on key performance indicators (KPI) and restructuring are rolled out.

Hasty implementation of these initiatives lack adequate planning, infrastructure and back up strategy, JFTU said.

“The management is also helpless because the entire affairs are micro managed by the Department of Financial Services on a daily basis as against Government’s avowed slogan “Minimum Government, Maximum Governance” as also “Non-interference by Bureaucracy in Sovereign Board Run PSU Companies”, JFTU said.

According to the Union officials, there is ‘maximum government and maximum interference’ in the four government owned non-life companies.

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