Budget 2020: AIIEA to protest against LIC disinvestment, One Hour Strike on 4 February

Strike on 4 February, protesting selling government stake in LIC

LIC owns about three-fourths of the India’s life insurance market and Life Insurance Corporation of India (LIC) is one of the largest life insurance company in India.  Life Insurance Corporation of India employees will hold a nationwide one-hour strike on February 4, 2020, in protest against Finance Minister Sitharaman announced that the government is going to sell its stake in LIC on Saturday, during the presentation of the budget, for this, the government is bringing an IPO.

Pradip Mukherjee, Vice-president of the Life Insurance Corporation Employees Association, Kolkata Division said “ The Employees of LIC have strongly opposed the government’s decision to sell stake in Life Insurance Corporation of India (LIC).

LIC employees are going on a nationwide strike on 4 February 2020 to protest against the government’s proposal. However, this strike will be for one hour only from 12.15 to 1.15 p.m” We will also go to all the MPs and register our protest,” he added.

On Saturday, during the presentation of the budget, Finance Minister Sitharaman announced that the government is going to sell its stake in LIC. For this, the government is bringing an IPO.

Mukherjee said that the Life Insurance Corporation of India is the largest insurance company in the country.  LIC cornered about 80 percent of the market share, and LIC owns about three-fourths of the country’s life insurance market.

The All India Insurance Employees Association (AIIEA) has also opposed the government’s announcement, saying that on the first three or four February, an hour-long strike will be held.

AIIEA general secretary Srikanth Mishra told IANS in Chennai that we are against the move. We will first strike for an hour on February 3 or 4″.