The government of India has been changing the situation of the nation pretty drastically by including some major reforms, and we think that the nation is in deep trouble and hence the government has announced mergers for insurance as well as banking sector which are the main drivers of the finances in the nation. As everyone thinks that these mergers will be completely changing and boosting the businesses in the industry, but there is a downside to all these mergers too.
The government is relentlessly pushing the merger of the banking and insurance sector, and we think that the nation will be seeing some major changes in the employment situation of the nation. Unemployment has been hurting the economy of the nation and also the finance and insurance sectors where people are being removed for downsizing and to stay financially viable in these times of crisis. The insurance merger of the nation will be costing 15,000 jobs and hence adding more issues to the nation’s employment sector, and we think that the situation will get worse if these jobs are lost. So the merger of National Insurance, Oriental Insurance, United India Merger is expected to change the whole insurance scene, and the people are against it.
The people employed in these firms are demanding that they should be given jobs in the insurance and finance sector of the government as this merger has been proposed by the government, and it is their responsibility to look after the employees that will be devastated by this change.
Tags : Oriental Insurance, government, Unemployment ,