The announcement of privatisation of State Life Insurance Corporation (SLIC) of Pakistan by 31st March has become a serious cause of concern for its over 200,000 employees and 10 million policy-holders. An advertisement for hiring of consultants for privatization purposes has already been issued by the government. Federal Finance Minister Asad Umar has recently stated that SLIC would be privatised by 31st of March.
As many as 15000 sales officers have already staged a protest for 13 days against their transformation into sales managers. The post of representative has also been abolished. The sales offices kept the counters closed dedicated for policy holders in all the 33 zones. It was followed by a meeting of the chairman with seven regional chiefs offering a revised package as the government would not reverse its decision of privatization of the corporation.
There are four associations of employees including the association of marketing staff, association of corporation staff (CBA), association of area managers and last one of the officers.
The said sales officers had also moved the High Courts in Lahore, Multan and Karachi. However, the court had directed the corporation to hear the grievances of the aggrieved staff. Also, PTI MNA Amir Dogar raised the issue in the Public Accounts Committee and Secretary Commerce (Chairman) satisfied him by saying that the sales officers have been promoted. He further said that reforms are being introduced in the SLIC.
It may be noted that privatization of SLIC is an old issue. The government of Prime Minister Zulfiqar Ali Bhutto had introduced the Life Insurance Nationalization Order (LINO) 1972 after it's nationalized. It was followed by another Ordinance of 2000 to streamline its organizational structure.