Karimnagar: Will continue fight to save LIC says AIIEA

Karimnagar: The representatives of All India Insurance Employees Association (AIIEA) and Bank Union Employees Association (BUEA) said that they will continue to fight against the Central government to save and protect the LIC from privatisation.

Speaking at a joint press meet at Press Bhavan here on Saturday, they alleged that the Central government has announced its decision to withdraw shares in LIC and increased Foreign Direct Investment (FDI) from 49% to 74% in insurance sector along with introducing 27 amendment acts to LIC Act,1956. The Centre was trying to privatise the country's biggest insurance company, LIC, they added.

'Three big labour unions AllEA, NFIFWI and Class-1 officers union, which are representing the insurance employees, have strongly opposed the Central government's decision.

What the government was saying is totally wrong related to LIC, which was established in 1956 with just Rs 5 crore and now grown as a big company with 40 crore police holders and with Rs 32 lakh crore properties and is running without any problems for the past 64 years. LIC is producing around Rs 3.5 to Rs 4 lakh crore of surplus money for further investments.'

They pointed out that withdrawal of shares in LIC was the first step for its privatisation. This will show a great impact on country's economic system and also on the poor and middleclass sections.

Several national labour unions along with banking sector labour unions extended their support to the fight against the Central government, which was trying to privatise the nation's biggest insurance company, the LIC and will continue the fight until the government withdraws its decision, they warned.

Representatives of Bank officers association Raj Kumar, Damodar, V Rajendar, Ramana, Rammohan Rao, Vaman Rao, Baasaveshwar, Development officers association representatives Vasudeva Reddy and Ravi Kumar and Malleshm, the president of Insurance employees association were present along with others.