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State Life employees threatens country-wide protest against privatisation.

ISLAMABAD -- The State Life Insurance Employees Union (SLIEU) has decided to observe a country-wide protest against the proposed privatization of the entity.

SLIEU President Rana Naeem while talking to reporter said that 95 per cent shares of State Life Insurance were owned by general public and no decision against the will of the people will be allowed.

He hinted that opposition senators have also assured them they will not support a government bill in the upper house converting the entity into a public limited company.

He said that strong protest and a sit-in will be staged outside the Punjab Assembly on Thursday against the proposed privatization of State Life while protest rallies will be held in Karachi, Islamabad and other cities.

"The reports of privatisation of State Life Insurance has caused serious concern among over 10 million policy holders and thousands of field staff associated with the entity," he said adding it was a profit earning entity and its life fund has swelled to Rs526 billion while its assets run into Rs800 billion.

He said that over 200,000 field force and families of 5,000 staff members were dependents on the entity and if it waas converted into limited company then its all funds will stand frozen.

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Publication:The Frontier Star (Northwest Frontier Province, Pakistan)
Date:May 24, 2016
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