Demonstration of LIC Employees against LIC’s IPO and disinvestment of PSUs 

Ludhiana, March 26, 2022: LIC Employees under the banner of All India Insurance Employees’ Association will join two day nationwide strike on 28-29 March 2022.

Amarjit Singh, Divisional Secretary, said here today that it is well known that the working class of India is in serious preparation for a two-day nationwide strike on March 28-29, 2022. Ten central trade unions called for this strike and independent All India Unions representing lakhs of workers in various sectors of the economy. The United Kisan Morcha (SKM) has shown solidarity with the labour movement by deciding to support this industrial action. Anti-people policies of the government, especially the aggressiveness of privatization of public sector units and making labor laws employer-oriented through attacks on the hard earned rights of the working people and the strike is being held in protest against the disastrous economy designed to plunder public assets in the hands of the favored capitalists.

Addressing the demonstration meeting held during the lunch break in all the branches of Ludhiana division, the spokespersons of the Association said that the neo-liberal policies in the country were officially implemented. This will be the 21st general strike of the working class since its implementation. This resistance was successful in slowing down the pace with which the neoliberal regime wanted to proceed with the policy of privatization. This strike is an important occasion to mobilize the working class and large sections of the society in support of the people's cause.

They said as long as our struggle against LIC's IPO and privatization of PSUs will continue till the government does not relinquish its anti-insured decision to sell its shares. The government has already taken approval from SEBI for the IPO of LIC. The government has a malafide intention to sell its 5 per cent equity in LIC to meet the fiscal deficit. The central government, which has given the slogan of Swadeshi and self-reliant India, has also decided to allow FDI up to 20% in LIC on par with public sector banks. The government's audacity to bring LIC's IPO became apparent when The LIC Act was secretly amended through the Finance Bill 2021-22 to remove any opposition and public debate. The insurance workers of the country will continue their struggle against the privatizationist policies of the government. In the meeting of the Secretariat of All India Insurance Employees Association, it has also been decided that if the government brings LIC's IPO ignoring the protest, then the insurance workers will go on strike even on the day the issue is subscribed.