SAPM, acting Industries minister says employee relief packages to be disbursed in 15 days
\n Islamabad
\nPrime Minister\u2019s Special Assistant on Industries and Production Haroon Akhtar Khan said the government decided to close down Utility Stores Corporation (USC) operations to prevent it from turning into \u201canother PIA,\u201d a move that has affected 6,000 employees.
\nThe National Assembly Standing Committee on Industries and Production met in Islamabad on Tuesday to discuss the closure. Industries and Production Secretary Saif Anjum and Haroon Akhtar attended the session. Saif Anjum informed the committee that all USC operations had been shut down in line with the government\u2019s July 31 deadline. He added that relief packages for employees had been approved and would be disbursed within 15 days.
\nIn July, a high-level committee decided that all operations of Utility Stores Corporation (USC) would shut down by July 31. Rs30 billion was approved to oversee the transition, with funds allocated as a technical supplementary grant for winding-up costs and employee protections.
\nOf the total, Rs19 billion has been earmarked for employee relief packages, up from the previously planned Rs15 billion. The Economic Coordination Committee and the Cabinet approved the packages under the Rules of Business. The government also plans to sell 21 USC properties.
\nConfusion arose during a meeting of the National Assembly Standing Committee on Industries and Production, where the chairman noted that the minister had earlier stated USC operations would not be halted.
\nPrime Minister\u2019s Special Assistant on Industries and Production Haroon Akhtar Khan said the closure was decided \u201cwith a heavy heart,\u201d adding: \u201cNowhere in the world do governments run businesses. If it does, losses are inevitable.\u201d He further clarified that the International Monetary Fund had directed the government to either reduce losses or shut down USC operations.<\/p>\n","protected":false},"excerpt":{"rendered":"
SAPM, acting Industries minister says employee relief packages to be disbursed in 15 days Islamabad Prime Minister\u2019s Special Assistant on Industries and Production Haroon Akhtar Khan said the government decided to close down Utility Stores Corporation (USC) operations to prevent it from turning into \u201canother PIA,\u201d a move that has affected 6,000 employees. The National […]<\/p>\n","protected":false},"author":2,"featured_media":472630,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-501931","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n