Vijayawada

Privatisation move: LIC staff stage protest

Members of the Insurance Corporation Employees’ Union (ICEU), Machilipatnam division, at CB-2 and CAB branches located at Bhavanipuram, formed a human chain at lunch hour, raising slogans like 'Protect and save LIC’. The demonstration was staged in response to a call given by All India Employees’ Association (AIIEA) to observe the 65th anniversary of the Nationalisation of Life Insurance Business.

Divisional joint secretary Ch. Kaladhar recalled that in 1956, the Government of India promulgated an ordinance and took over the management of 245 private insurance companies which had unleashed a reign of loot and plunder and had been resorting to financial misappropriations.

Established on September 1 in 1956 through an Act of Parliament, the LIC has been registering impressive growth and playing a significant role in channelising the community's savings for nation-building activities, he said.

He said the LIC so far paid ₹26,000 crore towards dividend to the Central government and had been contributing lakhs of crores of rupees to national-building activities. Mr. Kaladhar urged the policy holders and the people to resist the move. He said privatisation would have an adverse impact on all sections.

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Printable version | Mar 4, 2021 10:29:07 PM | https://www.thehindu.com/news/cities/Vijayawada/privatisation-move-lic-staff-stage-protest/article33614587.ece

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