Vijayawada: LIC staff participate in one-day nationwide strike

Vijayawada: The LIC staff across the country went on nationwide strike in protest against Central government's decision to go for initial public offer (IPO) in the LIC to list shares in stock market and hike in foreign direct investment (FDI) from 49 percent to 74 per cent.

As part of the strike, the LIC staff comprising the LIC Class-1 officers, development officers and the employees under the banner of Joint Front took part in a one-day nationwide strike on Thursday and staged a protest demonstration at the LIC city branch-1 in Vijayawada.

Insurance Corporation Employees' Union, Machilipatnam Division Joint secretary Chilakalapudi Kaladhar addressing the gathering said that the sale of government stake in the LIC will create a situation where shareholders will give priority to making profits. This is detrimental to the country's economic self-reliance and the interests of 40 crore policyholders.

The All-India Insurance Employees Association (ALIEA) appealed to the government to withdraw the decision to divest the LIC.

CITU AP general secretary MA Gaffoor, expressing support and solidarity to the striking LIC employees, said that the CITU totally opposed to the privatisation of public sector undertakings. The leadership from the constituents of United Forum of Banking Unions, BEFI, AIBOC, NCBE, and BSNL Employees Union, LIC Class-1 Officers Union, Development Officers Union, LIC Pensioners Association, R Ajay Kumar, Y Satyanarayana, Chandrasekhar, Krishna Balaji, Balasubrahmanyam, Kishore, MN Patrudu respectively addressed the gathering.

LIC Union leaders, NMK Prasad, N Srinivas, K Bhavani Devi, Rajasekhar, N Nagendra Singh, D Kondalu, J Mangapathi, Ch MV Prasad, Rahimuddin, G Srinivas, J Hepsiba, MP Govardhan, T Ashok Kumar and others participated.