LIC employees to stage walkout strike on August 4

Hyderabad, August 1 :-
 
  The Life Insurance Corporation Employees Union members propose to stage a two-hour walkout strike in Guntur and Krishna districts on August 4 to register protest over the introduction of the Lic Bill in Lok Sabha on Friday.

The union, in a statement, said that all Lic employees working in both the districts would resort to the two-hour boycott of work against the proposed increase in capital from Rs 5 crore to Rs 100 crore by amending the Lic Act of 1956, through introduction of the Bill in parliament.

The Government argues that this measure was required for Lic to conform to the rules of IRDA, but the employees opine that the Lic was established through an Act of Parliament. On a capital base of Rs 5 crore it was able to generate assets valued at Rs 9 lakh crore now, the union said.

Currently the Lic has assets base of Rs 1.25 lakh crore with a solvency reserve of more than Rs 25,000 crore and its assets were more than its liabilities, the statement said.

Looking at these figures, it become irrelevant to hike the base from Rs 5 crore to Rs 100 crore and the move to bring the bill points to some hidden agenda, the union added.