Privatisation – Employees of proposed entities will not be ousted

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Privatisation – Employees of proposed entities will not be ousted

Islamabad (Press Release / Daily Business Recorder / Wednesday, March 19, 2014) – Muhammad Zubair, Chairman/MOS Privatisation Commission, met with the US-Pak Business Council Trade Mission led by Miles Young on Tuesday.

He deliberated upon the policy of the government for privatisation of State Owned Entities (SOEs) and his commitment for achieving the desired outcome.

He said privatisation was an open, fair and transparent process, for the benefit of the people of Pakistan, in the right way, to right people, at the right time. “The government has a vision to give top priority to the revival of the economy of Pakistan.”

“In spite of extremely difficult challenges, the government is trying its best to bring Pakistan Steel Mills (PSM), Pakistan International Airlines (PIA), Distribution Companies (discos) and other such organisations to bring at par with the prescribed international standards,” he mentioned.

Wrong impression needed to be dispelled that the employees of the proposed entities would be ousted, he added.

He gave the example of Habib Bank Limited whose total strength was approximately 13,000 at the time of privatisation and in post-privatisation scenario, it had been reached upto 26,000 personnel and the performance of HBL has significantly been enhanced. He highlighted the financial and marketing aspects of the privatisation.

He said a re-structuring plan would be announced soon as the restructuring was a part and parcel of privatisation process. Privatisation Commission is focused on transparent policies which are strictly in line with the Privatisation Commission Ordinance-2000.

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