ISLAMABAD: In a major development, the government has approved a relief package worth more than Rs 30 billion for employees of the Utility Stores Corporation, paving the way for their voluntary pensions under a golden handshake scheme.
The decision was taken during a meeting of the Economic Coordination Committee (ECC), chaired by Finance Minister Muhammad Aurangzeb. According to the Finance Ministry, the ECC endorsed the closure plan of the Utility Stores Corporation while allocating Rs 30.2 billion to compensate employees through voluntary retirement benefits. The package had been put forward by the Ministry of Industries.
As part of the plan, the corporation’s assets will be sold off during the current fiscal year. The ECC directed that the disposal process must be carried out transparently to ensure accountability.
Alongside the decision on utility stores, the Cabinet Committee on Government Institutions also restructured the Board of Directors of NESPAK. The new board members include Javed Aslam, Muhammad Ali, Pir Saad Ahsanuddin, Omar Hassan, and Shahana Ahmed Ali.
The Finance Ministry emphasized that the nominees were shortlisted on the basis of their professional expertise and qualifications. The committee also instructed that the reconstitution process should be completed without unnecessary delays.
The meeting was attended by several federal ministers, including Riaz Hussain Pirzada and Jam Kamal Khan, along with other senior officials.
