LIC employees protest against introduction of LIC Bill

As part of the nation-wide agitation to register protest over the introduction of the LIC Bill in Lok Sabha on last August 1, the LIC employees union members today luanched a two-hour walk-out strike in the city.

LIC Employees Union vice-president J V L N Murthy said, "We conduct the two-hour boycott of work against the proposed increase in capital from Rs 5 crore to Rs 100 crore by amending the LIC Act of 1956 through introduction of the bill in the Lok Sabha."

Currently the LIC has assets base of Rs 1.25 lakh crore with a solvency reserve of more than Rs 25,000 crore and its assets were more than its liabilities, he said and added that by looking at these figures it became irrelevant to hike the base from Rs 5 crore to Rs 100 crore and the move to bring the bill points to some hidden agenda.

 

"The Government was taking the first step toward privatisation through this measure," he added.     

LIC employees staged a sit-in infront of the LIC office on Besent Road here as part of their agaition. They burnt copies of LIC amendment bill.