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Pensioners in PSU general insurers concerned about their future income post privatisation
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SME Times News Bureau | 07 Aug, 2021
The pensioners in the four public sector general insurance companies are
worried a lot about the safety of their future pensions when the
central government privatises one of them, said an official of the
General Insurance Pensioners Association, Andhra Pradesh.
The
central government has decided to fully privatise one of its non-life
insurers. The four non-life insurers are: National Insurance Company
Ltd, The New India Assurance Company Ltd (already listed), The Oriental
Insurance Company Ltd and United India Insurance Company Ltd.
Finance Minister Nirmala Sitharaman had earlier said one of the unlisted non-life insurers will be privatised.
The Lok Sabha has passed The General Insurance Business (Nationalisation) Amendment Bill, 2021.
"The
Bill does not provide for the safety of the existing pension scheme.
The pension fund is dependent on the contributions of the employees so
that Pension Trust can pay the pensioners," P.V.Subbarao, General
Secretary, told IANS.
According to him the proposed amendments do not safeguard the existing provision.
The association had recently met Sitharaman and submitted a memorandum.
Subbarao
said receiving the Memorandum Sitharaman told the delegation that the
amendment bill deals only with the insurance business transfer.
She
said all other issues including the pension will be dealt in the
gazette notification and administrative instructions that would be
issued on implementing the amended law.
According to Subbarao,
presently pension is paid by buying annuities from Life Insurance
Corporation of India and the new private owner may not buy annuities in
the future.
He said the pensioners are getting their pension after forgoing the company's provident fund contribution and the interest.
He
said Sitharaman told the delegation that unlike the earlier UPA
government, the present BJP government does not neglect employees and
pensioners.
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