New Delhi, February 3: Life Insurance Corporation of India employees will hold a nationwide strike on February 4 in protest against Narendra Modi government's proposal to sell stake in India's biggest financial corporation. Union Finance Minister Nirmala Sitharaman while announcing Budget for 2020-21 said that government will sell a part of its holding in LIC via initial public offering (IPO). LIC Disinvestment: Government to List Life Insurance Corporation in Second Half of FY21.

"We will hold a one-hour nationwide strike on Tuesday from 12.15 to 1.15 p.m. We will stage a demonstration in all our offices also then. We will then hit the streets to protest and resist the step. We will also go to all the MPs," Pradip Mukherjee, Life Insurance Employees Association's Kolkata division Vice President, was quoted as saying by IANS. Union Budget 2020: Partial Disinvestment of LIC Announced, Nirmala Sitharaman Proposes to Sell Government's Holding in Life Insurance Corporation.

As per official figures released in December, Life Insurance Corporation held 80 percent market share in the insurance business despite 24 private companies in the league. LIC's year-on-year growth is 19 percent in spite of global economic slowdown.

All-India Life Insurance Employees Federation (AILIEF) General Secretary Rajesh Nimbalkar also opposed govt's move. "LIC has always been the last resort for funding for other public sector entities. We strongly oppose the government's proposal to sell a portion of its holding in LIC," he told PTI.

(The above story first appeared on LatestLY on Feb 03, 2020 06:02 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).