The Ministry of Finance has directed that all operations of Utility Stores Corporation (USC) be shut down by July 31st.
This directive came during a high-level committee meeting, chaired by Federal Finance Minister Muhammad Aurangzeb, which was established by Prime Minister Shehbaz Sharif to deliberate on the closure and privatization of Utility Stores.
The meeting saw the participation of high-ranking officials, including the Special Assistant to the Prime Minister on Industry and Production.
According to a statement released by the Ministry of Finance, the committee engaged in a detailed discussion regarding a Voluntary Separation Scheme (VSS) for employees, focusing on making it fair and financially viable.
The committee also recommended consulting with the Privatization Commission concerning the future of Utility Stores.
During the session, the committee assessed the feasibility of selling the assets of Utility Stores. To thoroughly examine the legal and operational aspects of this process, a sub-committee was formed.
This sub-committee is tasked with presenting its report on the VSS plan later this week. The full committee’s recommendations will then be submitted to the Prime Minister in due course.
The committee’s primary mandate is to devise a comprehensive VSS plan for the employees of Utility Stores in light of the impending closure of the corporation.
The Ministry of Finance’s statement reiterated the instruction for all Utility Stores operations to cease by July 31st.
