Nationwide protest against Centre’s proposal for stake in insurance chief
Employees of the Life Insurance Corporation of India (LIC) will go on a nationwide strike on 18 March, opposing Centre’s proposals to promote privatization of a major insurer and raise the ODI limit, through an initial public offering by the central government. Insurance industry, from 49% to 74%.
The All India Insurance Employees Association (AIIEA) said it has called for a strike with other trade unions in the industry against the three proposals as they were not in the interest of the insurance industry, the country’s economy and the people.
The two-day strike of the United Forum of Bank Unions took place from March 15, against privatization of banks and on Wednesday by the General Insurance Employees Unions. The two-day bank strike, in which an estimated 10 lakh employees and officials owe allegiance to the nine unions who took part of the forum, bank operations were affected.
On March 18, AICEA Secretary General Shrikant Mishra said that the proposed disinvestment was the first step towards privatization of LIC, stating that LIC employees and officials would participate in the strike. The IPO said in a statement, “the very purpose of its construction” would be violated.
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