Employees of LIC register their protest by observing two-hour walkout strike

Ludhiana, May 4, 2022: On the opening day of subscription of The Initial Public Offer (IPO) of the LIC, the employees of the LIC on the call of AIIEA today register their protest by observing Two-Hour Walkout strike preceding lunch recess in all the offices of Ludhiana Division. As per the report more than 90 percent of their members are on strike.
 

While addressing the gathering in front of Divisional Office Dugri P.P Singh, Divisional President, said that the All India Insurance Employees’ Association (AIIEA) is of the opinion that IPO is the first step towards privatization of the LIC. The IPO will undermine the very foundational objectives of the LIC. LIC has become an inseparable part of the economy and national development during the last sixty five years of its glorious existence. It is difficult to find any sector of the economy where the footprints of this great institution are not found. LIC has Rs.39 lakh crores of assets under management. It has invested Rs.36 lakh crores in the economy. Most of these investments are in government securities, infrastructure projects and socially oriented schemes. LIC is the single largest investor in the equity market in India. Even after 22 years of competition, LIC lords over the life insurance industry as the market leader with over 70 per cent market share. The IPO of LIC will be antithetical to the interests of millions of its policy holders who are the real owners of the LIC. Post listing, the business model of LIC is bound to change privileging the interests of the shareholders over that of the policy holders. This will also have an adverse impact on the poor and downtrodden sections of the society who look upon a LIC policy as an instrument of social security.

Amarjit Singh, Divisional Secretary, said that, as per people commission on public sector and public service the government has drastically brought down the valuation of LIC from the earlier estimates of around Rs.15 lakh crore to Rs.6 lakh crores. He expresses concern that it is a serious breach of trust with the millions of policy holders and citizens of this country who have supported LIC for all these years. 

Maan Singh, Divisional Joint Secretary, said that when the government is  divesting with 3.5% of its stake in LIC of India to raise resources to meet its fiscal deficit target, they are of the opinion that  this is not going to be the end of the road. Insurance employees under the banner of AIIEA are determined to carry forward the struggle to fight back the challenges inch by inch to protect the economic sovereignty of the country and to reverse the anti-people and anti-nation policies of the Government.
N.S Kala, Divisional Secretary Pensioners Association also flayed the Centre for going ahead with the “anti-national” move of opening the LIC IPO.