The Union budget is announced and demonstrated many ideas and schemes established by the government with the purpose of growth and development. In the announcement of Union budget, Nirmala Sitaraman told about their concept of selling a part of its holding of Life Insurance Corporation of India (LIC) to corporates in the name of Initial Public Offer (IPO). But this idea wasn’t appreciated by three major trade unions in the LIC. They don’t find this idea worth and see this like giving away assets. It all leads to several protests and strikes.
The joint forum of three major trade unions in LIC includes Federation of LIC Class-I Officers’ Associations, the National Federation of Insurance Field Workers of India and the All India Insurance Employees Association. Together they have decided to display before all the offices of the Corporation during lunchtime on Monday. It is followed by a one-hour protest strike on Tuesday, proceeding to lunch. After this, the Joint Forum will also contemplate- day strike.
S Rajkumar General Secretary of Federation of LIC Class-I Officers said that LIC is a very profitable organization. It is bringing wealth to the country. Selling a part of it via IPO will be like ending a source of steady profit.
He mentioned that by providing an investment of ₹ five crores by government, LIC generated₹ 2,600 crores last year. It reveals its worth and high-profit margin. LIC has 2.85 lakh employees, and all of them are excelling great in their work to take LIC to its highest profit margin.
The assets of LIC carry a net worth of ₹31 lakh crore. All this got established over the 60 years through public money. So, Rajkumar believed that selling a part of such a profitable organization to corporates would be a tragedy of disinvestment.