Budget 2020

LIC staff stage protest against IPO plan

LIC employees protesting against the government’s plan for an initial public offer (IPO) in Mumbai on Monday 3, 2020.

LIC employees protesting against the government’s plan for an initial public offer (IPO) in Mumbai on Monday 3, 2020.   | Photo Credit: PAUL NORONHA

“IPO is an act of desperation at a time when the economy is in mess,” says federation.

Thousands of LIC employees staged a walkout protest on February 4 against the government’s plan for an initial public offer (IPO).

Finance Minister Nirmala Sitharaman, during her Budget speech, said the government would sell a part of its stake through an IPO.

“All India LIC Employees Federation strongly opposes the government’s move to sell part of its holding in Life Insurance Corporation of India through an initial public offering. It is an act of desperation at a time when the economy is in mess,” the All India LIC Employees Federation said.

The union said the it will launch a series of agitations to oppose the decision to disinvest in LIC.

“We call upon all the officers, employees and agents to wholeheartedly support our campaign and make our programme a success. We will also be reaching out to the common man to make him understand the dangerous implication for the country if LIC is listed,” the statement added.

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Printable version | Feb 25, 2020 12:24:55 AM | https://www.thehindu.com/business/budget/lic-staff-stage-protest-against-ipo-plan/article30733512.ece

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