Employees of the Life Insurance Corporation (LIC) of India went on strike on March 18 in opposition of the government’s plan to reduce its holding in the firm through an initial public offering.
According to a report by CNBC, the insurance employees’ strike came days after employees of government-owned banks held their own two-day strike against the proposed privatisation of two public sector lenders.
The National Federation of Insurance Field Workers’ of India (NFIFWI) also held a two-hour walk-out to show solidarity to the cause.
The strike was called by the All India Insurance Employees’ Association (AIIEA) and other trade unions, protesting against the central government’s proposals, saying that they are detrimental to the insurance industry, India’s economy, and the welfare of people.
In February, Finance Minister Nirmala Sitharaman announced that the government will hold an initial public offering for LIC, as part of its disinvestment target of INR17.5 million (SG$320,000) from sales of its stakes in public-sector undertakings and financial institutions.
Established in 1956, LIC has about 114,000 employees across India and over 290 million policyholders. It was formed after the government nationalised the insurance industry and merged over 245 insurers.
