Secunderabad: LIC employees stage stir

Secunderabad Cantonment: Members of the All-India Insurance Association on Tuesday struck work for one hour in the Secunderabad LIC office premises and staged dharna, opposing the budget proposal by Union Finance Minister Nirmala Sitharaman to divest the government's share in the corporation.

Later, the association leaders told the media that the strike and protest from 12.15 pm to 1.15 pm was part of the all-India protest opposing the government move to come out with an IPO inviting investments.

In the Trimulgiri LIC office, the Class I and Class II Employees' organisation, which is affiliated to the All-India Insurance Employees' association, president Amjad Ali and secretary Vinod Kumar Matre, said the LIC policy-holders' money were being used for nation's development, including 80 percent for the social sector. They pointed out that LIC had been like the nation's backbone for the last 68 years. They appealed to the Union government not to list the country's biggest financial company on the stock exchange.