- The strike was called off after an agreement with the boards of the companies.
CLC had further advised that the boards should follow the suggestions of theassociations positive.- The strike notice was given by Girish
Khurana National Convenor, JFTY protests unilateral implementation of EY recommendations.
The unions of the government-owned general insurance companies and the General Insurance Corporation of India Ltd (GIC Re) on Monday called off their January 4 strike, a union leader said.
The strike has been called off after an agreement was reached with the companies’ management at the conciliation meeting convened by the Chief Labor Commissioner, Central.
“During the meeting, different arguments took place from both sides and finally, the CLC advised the managements to give proper bilateral opportunity for discussion with the associations within 15 days and adopt the suggestions,” Trilok Singh, Convenor-North Zone, Joint Forum of Trade Unions and Association (JFTU), told IANS.
He said the CLC had further advised that boards should positively consider the associations’ suggestions.
“Managements agreed to meet with the associations within 15 days for the same. In light of these instructions from the CLC office and the management decision, we have decided to postpone the strike until further advice,” said Singh.
At the reconciliation meeting, the executive representative said that it has been a matter of existence for the insurers since 2016.
They said that even after capital injections by the government, the companies are struggling to survive.
The companies must maintain the solvency ratio and for that they must be cost-effective.
The representative of the Financial Services Department also stated that insurers must improve their performance.
The strike notice was given by Girish Khurana, National Convenor, JFTY, protesting the unilateral implementation of EY’s recommendations on reshuffling the five reinsurers.
The CLC had convened the chairman cum directors of the five companies, the joint secretary, the Department of Financial Services and Khurana for a reconciliation meeting.
The unions have long been demanding a copy of the EY report. Management had given them a copy of the PowerPoint presentation they had been given about the EY report.
“Bullets
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