LIC staff protest move to sell stake

MUMBAI: Nearly one lakh employees of LIC staged an hour-long walk-out on Tuesday against the government's decision to sell a part of its stake in the life insurance major through an initial public offering.

There are 13 unions in LIC, and employees and officers affiliated to 11 unions were on protest. In the Union Budget announced on Saturday, Finance Minister Nirmala Sitharaman said that the government, which holds 100 per cent stake in LIC, will sell a part of its holding through an initial public offering (IPO). "Today's walk-out was completely successful. Of around 1.08 employees and officers at LIC, close to one lakh staged walk-out across the country," All India LIC Employees Federation (AILEF) General Secretary Rajesh Kumar told PTI.

He said the federation will decide further course of action in its meeting on March 16-18.