Employees protest against Centre's move to sell equity shares of LIC

Several employees of Life Insurance Corporation (LIC) staged a protest outside their office here on Monday against the government's decision to sell a part of its holding by initial public offering (IPO).

They have also announced a one-hour protest -- walk-out -- on Tuesday before lunchtime against the Central government's decision.

One of the protesting LIC employees Shyaman Chakraborty said: "On February 1, Union Finance Minister Nirmala Sitharaman made an announcement in her Budget speech that LIC shall be listed in the share market."

"By selling the shares of LIC and IDBI, the government is going to raise Rs 90,000 crore from the market. We condemn this decision of the government," he said.

"We demand that the decision should be withdrawn because we believe this is a suicidal decision. If the LIC is privatised in this manner, then in the coming days there shall be a huge crisis in the Indian economy," he said.

The protesters threatened that in coming days they shall launch a nationwide agitation and compel the Centre to withdraw its decision from pushing the LIC towards privatisation.

Chakraborty said: "As a symbolic protest against this, tomorrow we will be keeping off from work for an hour. Later jointly we shall go for major protest and compel the Union Government to revoke this decision."

The joint forum of LIC's three major trade unions -- Federation of LIC Class-I Officers' Associations, the National Federation of Insurance Field Workers of India and the All India Insurance Employees Association will demonstrate in front of their offices across the country on Tuesday.