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LIC share sale; Employees will go on strike on May 4

Kochi: The All India Insurance Workers’ Affiliation (AIIEA) has introduced that LIC workers will go on a two-hour strike on May 4 within the wake of the central authorities’s announcement that the sale of LIC shares will start on May 4.

As a part of the federal government’s misguided transfer to fill the fiscal deficit, the corporate has slashed its worth from Rs 15 lakh crore to Rs 6 lakh crore. This can undermine the belief that folks have positioned in LIC. The AIIEA stated in a press release that it was “strange” that the share worth was not decided by the corporate’s precise worth, however by the buyers.

An IPO is step one in privatization. LIC is an integral a part of the nation’s growth thus far. There isn’t a area in India that’s not branded as LIC. The truth that LIC nonetheless has 70% market share after 22 years of competitors reveals the power of this agency. The sale of shares is towards the pursuits of the nation, policyholders and most of the people. The AIIEA stated in a press release that it was calling for a strike in protest of the transfer.

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