Press briefing by Com. Shreekant Mishra, General Secretary, All India Insurance Employees Association (AIIEA)
The All India Insurance Pensioners Association (AIIPA), which is the largest union of insurance pensioners in India, is organizing its 9th conference at Mysore.
As AIIEA, we are expressing our solidarity to pensioners organized under AIIPA and seek their solidarity to the struggles of crores of workers on the issues of working class in India
AIIEA is the oldest and biggest trade union of insurance workers, commanding over 90% of workforce in LIC.
AIIEA along with 20 crores workers is participating in the All India Strike on 9th July, 2025 on the issues confronting working class.
Working class in our country is going on All India strike, on very important demands.
As for as the PSU Insurance Industry is concerned, there are certain crucial issues before us
- Proposed FDI hike from 74% to 100%;
- Demanding merger of PSGI Companies;
- Demanding recruitment in Class 3&4 employees;
- Opposing labour codes, which were brought out by amalgamating 29 labour laws;
- Opposing the privatization policies of the Government.
With regard to 100% FDI in insurance, AIIEA is crystal clear that there is no justification for 100% FDI in Insurance Industry. In 1999, 26% FDI was allowed in insurance, subsequently in 2015 it was raised to 49%. In 2021 it was raised to 74%. As of now, 74% FDI in Insurance is allowed. The Hon’ble Minister of Finance stated in the Parliament that though 74% FDI was allowed in insurance, the average FDI in private insurance companies remains at 32% only. Even the earlier 49% limit was not crossed. Hence, where is the need for further hike in FDI now?
9 foreign insurance companies have exited insurance business in the last 10 years. They have taken away Rs 64,780 crores of capital with them, by abdicating insurance business in India. This is nothing but FDI outflow.
The AIIEA strongly feel that FDI hike upto 100% will further facilitate this capital outflow. This is antithetical to the interests of Indian insurance industry as well as to the sovereignty of the Indian economy.
Another important demand of the AIIEA is immediate recruitment in Class 3 & 4 cadres.
The people of our country knew it very well that LIC is a glorious financial institution and the best insurance company in Claim Settlement, in the entire world. In a span of 3 decades from 1995 to 2024, the number of policies of LIC went up by 410%, at the same time the number of employees has come down by 49%. That is why we are demanding immediate recruitment of Class 3 & 4 employees.
The AIIEA is stoutly opposing FDI hike in Insurance, demanding merger of PSGI companies, recruitment of Class 3 & 4 employees and we earnestly appeal people of Mysore, Karnataka & India to support the patriotic struggle of one day strike, by working class of the Country on 9th July, 2025.