Nationwide Strike Against New Labour Codes Successful

Banking and Insurance Services Hit; Around 20,000 Employees Participate in Maharashtra

Mumbai: The nationwide general strike called on Wednesday against the Centre’s new labour codes and alleged anti-worker policies was largely successful, with significant participation from employees in the banking and insurance sectors across the country.

The strike was called by ten central trade unions to protest the replacement of 29 existing labour laws with four new labour codes. Trade unions alleged that the new codes dilute several rights won by workers through decades of struggle, including the right to form unions, organise strikes, and develop effective collective leadership.

Allegations of Growing Job Insecurity

Trade unions criticised the government for failing to generate new employment opportunities amid rising unemployment. Instead, they alleged, schemes such as “fixed-term employment” are being promoted, making jobs increasingly insecure, especially for young workers.

Unions further claimed that while they have been demanding work–life balance protections, proposals are being advanced that would allow employers to increase working hours to 10–12 hours a day.

At the same time, unions alleged that while it has become more difficult for workers to go on strike, employers are being given greater freedom to impose lockouts and retrench employees without prior permission from labour authorities. This, they warned, could push a large section of workers outside the protection of labour laws and increase exploitation.

Strong Opposition to Banking and Insurance Reforms

Trade unions also opposed the decision to allow 100 per cent foreign direct investment (FDI) in the insurance sector. They criticised moves towards privatisation and disinvestment in the banking sector, including attempts to privatise IDBI Bank and reduce government control over public sector banks.

The unions alleged that government policies are being shaped under pressure from international financial institutions such as the International Monetary Fund and the World Bank, as well as global financial capital.

Impact in Maharashtra

In Maharashtra, bank employees staged protests and marches across several districts. Demonstrations were organised under the banner of joint workers’ and employees’ action committees. Banking operations were reported to be almost completely disrupted across the state, except at the State Bank of India and Indian Overseas Bank.

Approximately 20,000 bank employees from public sector banks, old-generation private banks, foreign banks, regional rural banks, and some district cooperative banks participated in the strike across Maharashtra. All bank employees’ unions supported the strike, except those affiliated with the Bharatiya Mazdoor Sangh.

Key Demands of the Strike

The strike highlighted the following demands:
• Strengthen public sector banks and insurance companies
• Halt privatisation and disinvestment in banks, LIC, and GIC
• Roll back the decision allowing 100% FDI in the insurance sector
• Merge public sector general insurance companies into a single entity
• Ensure adequate recruitment
• End outsourcing and contractual employment
• Scrap the National Pension System (NPS) and restore the Old Pension Scheme (OPS)
• Withdraw the fixed-term employment policy
• Take strict action to recover dues from corporate loan defaulters
• Reduce banking service charges for ordinary customers

Trade unions indicated that the broader labour movement would continue its struggle if these concerns are not addressed.