LIC employees protest against FDI limit hike in insurance sector

Life Insurance Corporation employees have recently staged a protest in Ludhiana against the government’s decision to raise the Foreign Direct Investment limit in the insurance sector to 74% and to bring an IPO of the LIC. The LIC employees have protested against the government’s proposal to privatise the corporation and enhance the FDI limit in the insurance sector from 49% to 74%.

The All India Insurance Employee’s Association (AIIEA) has called the strike along with other trade unions from the industry. They said the protest is against the government’s policy as it is not in the interest of the insurance industry, not just that but the nation’s economy and its people.

Ritu Aban, one of the protesters, said, “There is a strike across the country. We are protesting against the proposal of bringing an IPO of the LIC. It is an attempt to push LIC towards privatisation. We demand the government to drop this idea. We are also against raising the FDI limit in the insurance sector to 74%.”