The Insurance Association of Pakistan Employees Union (IAPEU) has shown deep concern over the ongoing financial hardship faced by insurance workers on account of restructuring of central and sectional committees of association for last 18 months.
In a statement issued here on Monday, the association's General Secretary, Mohammad Iqbal, said that the employees of the association have not been receiving full salaries along with other fringe benefits since the beginning of the crisis 16 months ago.
He said that now the situation has deteriorated to the extent that the association does not have funds to pay the salaries and to meet its day-to-day expenses, even is unable to pay utility bills.
Iqbal said, "We have been informing our members from time to time about such crisis and hardships being faced by the employees and we have also been requesting them to devise ways to resolve the problems, but our replies have not been entertained yet."
He said: "Recently, we have written a letter to Securities & Exchange Commission of Pakistan (SECP), and apprised it regarding the on going crisis in detail and have requested it to intervene in the matter.
Moreover, the insurance industry of the country is doing business of about Rs 12 billion annually, but its association's employees have been facing financial hardships since January 2003 on account of differences developed amongst the members over the restructuring of central and sectional committees and this matter has remained unresolved".