More than 100 employees of Life Insurance Corporation (LIC) of India, Dhanbad, on Thursday took out a rally and carried out demonstrations in front of their respective branches as part of the nation wide strike of LIC employees.

The employees of all eight branches, who were protesting against the government's decision to bring IPO of LIC of India, increase of FDI in insurance sector and inordinate delay in pay revision later, also held a general meeting on Randhir Verma Chowk near the district collectorate.

The protestors, who took out rally from Zila Parishad ground to Randhir Verma chowk, claimed that a loss of Rs 10 crore has been caused in Dhanbad due to closure of all eight branches during the strike.

Talking to media at Randhir Verma Chowk, Hemant Mishra, general Secretary of Hazaribagh division of Insurance employees association, said, “The trade union representatives of district have also extended support to our strike and participated in the meeting held today as they are in principle against the government measures”

“The union finance minister, Nirmala Sitharaman, during her budget speech of 2021-22 announced funds worth Rs 1.75 lakh crore through disinvestment of PSUs out of which some amount is also to be generated through bringing IPO of LIC which is totally wrong and unconstitutional.

“A nationwide protest in going against the plan to bring IPO of LIC as the organization established in 1956 with an investment of Rs 5 thousand crore has developed asset of Rs 32 lakh crore through the accumulation of small savings of the investors and provided insurance cover to more than 40 crore people” said Mishra.

“We will protest against the privatization drive of the central government as the government has announced to increase FDI in insurance sector from 49% to 74%,” claimed Mishra and added that FDI in insurance sector is not foreign investment but rather foreign interference and an attempt to loot the savings of common people.

“The pay revision of LIC of India employees is pending since August 2017 and pay revision is akin to denying the basic rights of the employees” said Prabhulal, a protestor. He also pointed out that the growth rate of LIC is much more than that of the GDP of India but LIC employees, who have played an important role in this success, are being denied the revised pay.