LIC staff protest against IPO plan

Following the announcement of disinvestment of LIC by Union Finance minister Nirmala Sitharaman during the budget session, the employees of LIC are staging protests in different states of the country.

LIC's northern zone insurance employee's association divisional committee on Tuesday staged a protest while raising slogans such as 'don't sell public sector.'

Speaking to ANI, an employee said, "Congress had nationalised the LIC to provide employment but centre is working against it."

"The LIC has given 2,400 crore revenue. it has never been in loss," he added.

All India LIC employees Federation and other organisations also hold protests against Centre's budget announcement regarding disinvestment plan of LIC at their head office in Nariman Point, Mumbai.

"If the government wants funds then think of anything else, bringing Initial public offering (IPO) everywhere is not a solution. I request the government to revoke this decision of IPO," an employee said.

Another protest was witnessed in Thiruvananthapuram by LIC employees where the decided to walk for one hour to mark their protest.

"Finance minister has announced the listing of LIC in the budget. Three major unit LIC Officers Association, Insurance Employee Association and National Federation of Insurance have decided to hold one hour walk to protest against the policy of the government," S Rajkumar, General Secretary of All India Federation of LIC class one association said.