Andhra Pradesh

Insurance employees decry listing of LIC

Insurance Corporation Employees Union, along with All India Insurance Employees Association, demanded immediate settlement of wage revision pending for the last 44 months.

The demand was raised at a meeting held here on Thursday as part of a one-day strike against the decision of the Union Government to list the Life Insurance Corporation (LIC) in the stock market through an Initial Public Offering (IPO), increase the FDI limits in the insurance sector from 49% to 74% and privatisation of one public sector general insurance company.

Addressing the meeting, Ms. Sushma, deputy general secretary of NCBE, said that the move of the government to privatise public sector units was undemocratic and unconstitutional and demanded that the government should not go ahead with the IPO of LIC in the interest of the economy and people at large.

CITU State president Ch. Narasinga Rao said that LIC was given the task of raising resources for faster industrialisation in the country by collecting small savings in the form of premiums while giving full security to policy-holders, and it has met its objectives.

He urged the entire workforce to intervene and stop the move of the Union Government.

General secretary of NFIFWI, Ravi Kumar, criticised the attempt of the government to fast-track the IPO of LIC by bypassing Parliamentary scrutiny.

Union leaders and members from Visakhapatnam, Srikakulam and Vizianagaram were present.


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Printable version | Jun 21, 2021 4:58:54 PM | https://www.thehindu.com/news/national/andhra-pradesh/insurance-employees-decry-listing-of-lic/article34103267.ece

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