Vijayawada: LIC employees decry privatisation move

Vijayawada: All India Insurance Employees' Association (AIIEA) expressed deep concern over the decision of the Central government to sell its stake in Life Insurance Corporation of India.

Addressing the media here on Saturday, Dr Chilakalapudi Kaladhar, joint secretary of the Insurance Corporation Employees Union (ICEU) recalled that the Central government has given just Rs 5 crore to the LIC 64 years ago and now the LIC has an asset base of Rs 32 lakh crore. The disinvestment is detrimental to the country's economic self-reliance and the interests of the 40 cr policyholders. Kaladhar said that the employees chalked out a plan of action and were taking up several forms of agitation and mobilisng the support of people, the members of both Lok Sabha and Rajya Sabha and decided to go on one-day strike if the LIC listing process is declared.

The joint secretary said that the employees have already submitted memorandums to 300 MPs from various political parties. Several political parties, including the Left parties, Congress, DMK in Tamil Nadu and others have assured support to their demand.

An amendment to the LIC Nationalisation Act is likely to be tabled in the ensuing Parliament session. He appealed to the public to extend their support to the ongoing campaign to protect the LIC.

G Kishore Kumar, the joint secretary of the South Central Zone (comprising AP, Telangana and Karnataka) Insurance Employees' Federation (SCZIEF), ICEU leaders N M K Prasad, J Madhu, women convenor D Kiranmayi, co-convenor, Bhavani Devi, Vijayawada branch employees leaders N Srinivas, J Mangapathi, G Srinivas, Ch M V Prasad, MP Govardhana Rao and others participated.