It is apropos a Business Recorder news item "SLIC employees, policy-holders concerned at sell -off plan. It is clarified that the news item carries several factual errors, which are detailed herein. Firstly, SLIC is not being privatized on March 31, 2019, in fact, that is the date on which the Commerce Division will present its study and report on SLIC and other organizations.
Secondly, State Life does not have 200,000 employees; rather these are commission agents. Furthermore, it is clarified that while SLIC has more than 10 million policyholders, there is no cause of concern for them in terms of the privatization of the Corporation. As privatization of SLIC is not a new issue, it has been on the agenda for past many years. It was put aside in November 2018
SLIC has taken steps to curb the fraudulent practice of dummy sales agents and fake commissions, which has hurt the interests of those indulging in such practices and as a result, they have been attempting to hinder the functioning of the Corporation. All genuine sales officers have been promoted as Sales Managers, with an increase in their commissions from 8% to 10% as well. This practice will result in savings of approximately Rs 5 billion, which will be passed on to policyholders in the form of bonuses. It is pertinent to mention that no one would lose their jobs rather 55,000 new jobs have been advertised for sales agents.
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