LIC employees protest for wage revision, oppose privatisation

LIC employees protesting in Jammu on Monday.
LIC employees protesting in Jammu on Monday.

Excelsior Correspondent
JAMMU, Mar 8: Opposing privatisation and demanding wage revision, LIC employees today observed token protest demonstrations during lunch recess in offices of LIC of India across Jammu & Kashmir.
The demonstrations were jointly organized under the banner of Joint Front of LIC Class-1 Federation, National Federation of Insurance Field Workers of India and All India Insurance Employees’ Association.
Vijay Khajuria- Secretary Class-1 Federation Srinagar Division, Rakesh Magotra- Secretary National Federation of Insurance Field Workers of India Srinagar Division and Com Pawan Gupta- Secretary Northern Zone Insurance Employees’ Association Srinagar Division, led the demonstrations.
Speaking on the occasion at D O Cell Jammu, the leaders said that wage revision of LIC employees has been due since 1st August 2017 and in spite of lapse of more than three years, the Management was not serious in settling the genuine demand of the employees. “There is no genuine response either from the Management or from the Govt. In spite of the fact that productivity per employee has increased to a big extent and also servicing to customers has touched the sky, the aspect of wage revision of employees is not being taken care of,” they said, adding that the LIC employees were demanding a ‘genuine’ wage hike of 40 percent which they deserve seeing to the productivity and paying capacity of the industry.
The protesters strongly opposed proposed hike in FDI in Insurance sector from 49 percent to 74 percent and said that increased FDI will result in management control of foreign companies over domestic savings of Indians, a great risk on the hard earned money of policyholders.
Strongly opposing IPO in LIC, the leaders said that it is a first step towards privatisation. “There is no need of LIC IPO as LIC itself creates 3.5 to 4 lac crore of investible funds annually, its asset base is more than GDP of 75 percent of countries in list of United Nations, it will result in harm to policy holders because much concentration will be given in increasing profits to the shareholders,” they added and announced to oppose privatisation of LIC tooth and nail.
It was also announced that one day walkout strike will be observed by LIC employees all over India in support of these demands on 18th March 2021.