Employees of the Life Insurance Corporation of India (LIC) will go on a nationwide strike on March 18 opposing the Centre’s proposals to divest stake, through an initial public offering, in the insurance major, privatise one general insurer and enhance FDI limit, in the insurance industry, from 49% to 74%.
The All India Insurance Employees’ Association (AIIEA) said it has called for the strike with other trade unions in the industry against the three proposals since they were not in the interest of the insurance industry, the country’s economy and people.
Thursday’s strike follows the two-day strike by the United Forum of Bank Unions, from March 15, against privatisation of the banks and a strike by general insurance employees unions on Wednesday. The two-day bank strike, in which an estimated 10 lakh employees and officers owing allegiance to the nine unions that are part of the Forum participated, impacted bank operations.
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Stating that LIC employees and officers will participate in the strike, on March 18, AIIEA general secretary Shreekant Mishra said the proposed disinvestment is the first step towards privatisation of LIC. The IPO would be a violation of the “very objectives of its creation,” he said in a statement.