About 1 lakh LIC employees stage walk-out across country against proposed IPO
Bengaluru, Feb 4: Nearly one lakh employees of Life Insurance Corporation (LIC) staged an hour-long walk-out on Tuesday against the government's decision to sell a part of its stake in the life insurance major through an initial public offering.
There are 13 unions in LIC, and employees and officers affiliated to 11 unions were on protest.
In the Union Budget announced on Saturday, Finance Minister Nirmala Sitharaman said that the government, which holds 100 per cent stake in LIC, will sell a part of its holding through an initial public offering (IPO).
"Today's walk-out was completely successful. Of around 1.08 employees and officers at LIC, close to one lakh staged walk-out across the country," All India LIC Employees Federation (AILEF) General Secretary Rajesh Kumar told PTI.
He said the federation will decide further course of action in its meeting on March 16-18.
In a statement issued earlier today, AILEF said listing of LIC is against national interest as over the years it has been playing a pivotal role in nation building activities.
On a capital base of Rs 5 crore, the union said LIC's valuation surplus was Rs 53,211.91 crore, life fund stood at Rs 28.28 lakh crore and asset under management at over Rs 31.11 lakh crore at the end of 2018-19.
"Being one of the biggest financial institutions of the country, any move to privatise LIC will shake the confidence of the common man and will be an affront to our financial sovereignty. The very purpose of LIC to provide insurance coverage to socially and economically backward class at a reasonable cost will be defeated and motto will change from service to profit," the statement said.
Minister of State for Finance Anurag Thakur had said listing of LIC will help bring in greater transparency, public participation and also deepen the equity market.
"Government came out with the idea (LIC listing). The details will follow and it will be in the interest of LIC and its policyholders. Interest of LIC and policyholders will be safeguarded," Thakur recently told PTI.
Finance secretary Rajiv Kumar on Sunday said the listing may be done in the second half of the next financial year.
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LIVE | Election Results of five states 2026
New Delhi: The countdown has begun for the counting of votes for the Assembly elections in five states that have captured the attention of people across the country.
The counting of votes for the Assembly constituencies of West Bengal, Tamil Nadu, Kerala, Assam and the Union Territory of Puducherry will begin simultaneously at 8 am, and the fate of candidates in a total of 824 constituencies will be decided shortly.
The counting of postal ballots will take place first, followed by the counting of EVM votes in several rounds.
- BJP leader Suvendu Adhikari is leading in West Bengal’s Nandigram constituencyFive-state elections: Postal vote counting begins
- TMC, BJP lead in one seat each in West Bengal
- In Tamil Nadu, DMK leads in 3 constituencies, while TVK leads in 1
- UDF leads in 5 seats in Kerala, BJP in 1, LDF in 1
- BJP leads in 2 seats, AIUDF in 1 in Assam
- AINRC leads in 1 constituency in Puducherry
- TMC leads in 5 seats in West Bengal; Mamata Banerjee’s party maintains initial lead
- Tamil Nadu Chief Minister M.K. Stalin leads in Kolathur
- BJP takes early lead in Assam
- Congress-led UDF leads in Kerala
- In Tamil Nadu, TVK chief Vijay leads in the Perambur constituency, lags in Tiruchirappalli South
- BJP leads in 10 seats in Assam
- LDF candidate V.P.P. Mustafa leads in the Thrikkaripur Assembly constituency
- Out of 294 seats in West Bengal, BJP is leading in 14 seats, TMC in 12 seats, Congress in 2 seats
- Out of 234 seats in Tamil Nadu, DMK is leading in 15 seats, AIADMK is leading in 5 seats, TVK is leading in 2 seats
- Out of 126 seats in Assam, BJP is leading in 31 seats, Congress in 4 seats, AIUDF in 2 seats.
- Out of 30 seats in Puducherry, NRC+ is leading in 3 seats, Congress in 2 seats, TVK in 1 seat.
- Congress’ Adhir Ranjan Chowdhury suffers a setback in theBerhampore constituency in West Bengal.
