Vice-President of South Zone Insurance Employees’ Federation C. Muthukumarasamy addressing the 29th Annual Division Conference of LIC Pensioners’ Association in Madurai on Tuesday.
| Photo Credit: G. Moorthy
The 29th Annual Division Conference of LIC Pensioners’ Association, Madurai Division, was held here on Tuesday.Inaugurating the conference, Vice-President of South Zone Insurance Employees’ Federation C. Muthukumarasamy said the demands of LIC pensioners were not just about pension hikes, but were closely linked to the country’s economic policies, future of public sector undertakings, and the international political climate.He noted that due to the war politics spearheaded by the United States and Israel, and the resultant global economic crisis, prices of essential commodities like petrol, diesel, and cooking gas were rising.“International events, including tensions surrounding the Strait of Hormuz, directly impact the daily lives of Indian citizens,” he added.He further said even when crude oil prices fell in the international market, petrol and gas prices were not reduced in India.Criticising the Union Government for granting tax concessions to corporate houses while slashing subsidies and social security welfare schemes meant for the common people, he pointed out that the country’s vast wealth was being concentrated in the hands of a few ultra-rich individuals.“Imposing wealth tax and inheritance tax on them will help raise the required funds for social security schemes,” he asserted.He emphasised that allowing 100% Foreign Direct Investment in insurance sector was a step toward gradual privatisation of public sector enterprises, and stressed that it was essential to protect the LIC, which stood as a symbol of the country’s economic self-reliance.Central Committee member G. Meenakshisundaram said around 500 pensioners from six districts under the Madurai Division participated in the conference.He added that since there had been no upgrade in pensions for over 30 years, the conference was being held to strongly urge demands, including pension upgradation, filling up of vacant posts in the LIC, and reconsideration of the decision on 100% FDI in the insurance sector.The resolutions passed at the conference included the ones for protecting public sector undertakings, withdrawing the decision of 100% FDI in the insurance sector, dropping privatisation attempts of the LIC and the GIC, scrapping the New Pension Scheme (NPS), providing additional pension to pensioners aged above 80, implementing a uniform pension scheme for all senior citizens, restoring railway concessions for senior citizens, abolishing NEET and the New Education Policy, and releasing Keeladi excavation report without any alterations. Published - June 09, 2026 08:00 pm IST
