New Delhi : A large number of LIC employees on wednesday marched to Parliament here demanding revocation of the Growth Oriented Incentive Bonus Scheme which they alleged was unilaterally implemented.
The Field Workers of the Life Insurance Corporation staged the protest demanding the revoking of the scheme which they claimed was impairing the performance of the institution.
Raising the matter in the Lok Sabha, senior Lok Sabha member M P Veerendrakumar said the about 21,000-strong cadre has a "legitimate complaint" that the scheme was "unilaterally" implemented.
He alleged that the scheme resulted in a drop in incentives by 50-90 per cent and denial of marketing expenses.
"The market share of the LIC has plummeted from 88 per cent in 2004 t0 64 per cent in 2007 December, impairing the performance of this institution. They are further disappointed that the promise made to them by the Finance Minister on the floor of the House that the scheme would be subject to review after 2005, has not been honoured," he said.