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news details
LIC employees stage protest against listing of LIC in Stock market
2/3/2020 10:01:56 PM
Early Times Report
Jammu, Feb 3: Life Insurance Corporation (LIC) employees and officials today staged a protest demonstration outside their Jammu office, against the Union government's move to list LIC in stock market.
The demonstration was jointly led by Sh. Vijay Kumar Khajuria, Secretary LIC Class-1 Federation, Sh. Rakesh Magotra, Secretary NFIFWI and Comrade Pawan Gupta Divisional Secretary NZIEA Srinagar Division. The strike at Srinagar was led by President NZIEA Com. A.M.Tantray, Ajaz, Fyaz Gul, Amarjeet Singh, and others. The leaders while speaking at D.O.Cell Jammu said that the strike was called to lodge our strong protest against the government's announcement while presenting the union budget that LIC will be listed in stock market.
The BJP led NDA Government has come out in its true colour by proposing the listing of LIC in the stock market in the budget placed before the Parliament on February 1, 2020. The joint Front of unions in LIC has been consistently apprehending the intention of NDA Government to attack public sector insurance in view of its ideological commitment to dismantle public sector in the country. In context of this move, the Union Finance Minister announced while presenting the Union Budget that LIC would listed in the Stock Exchange and the government would sell part of its stake via public offering.
The Joint Front strongly opposes this move of the government. At present, the government holds 100 % stake in LIC. The domestic savings of the policyholders helps capital formation and is utilized for developmental activities in the country. The immense contribution of LIC to the Five-Year Plans, investments in social sector to the tune of more than 80% of its total investment, etc., for the last 68 years will receive a great set back with this move of the government. This is obviously against the national interests, against the interest of 40 crore policy holders of LIC and against the interest of employees and agents of the corporation.
It was announced in the demonstration that LIC employees under the banner of Joint Front will observe one hour walk out strike tomorrow on 4th February 2020 against this move of the Govt. The leaders appealed to one and all to fight tooth and nail and make this one hour strike a grand success.
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