Disinvestment Decision: After Bank Strike, It’s Turn Of LIC Employees To Cease Work

New Delhi: After the two-day bank strike, it’s now the turn of Life Insurance Corporation (LIC) employees to cease work on Thursday in protest against the Centre’s proposal of disinvesting the government-owned insurance major.

Established in 1956, LIC has about 114,000 employees and over 290 million policyholders.

Finance minister Nirmala Sitharaman announced during her Union Budget speech on February 1 that initial public offering (IPO) of LIC will soon be brought. She also set Rs 1.75 lakh crore as disinvestment target from sale of stakes in public sector undertakings (PSUs) and financial institutions.

The bank strike, called by United Forum of Bank Union (UFBU), impacted banking services throughout the country on Monday and Tuesday as more than 10 lakh bank employees and officers participated.