A high -level committee formed by the Prime Minister to supervise the closure and privatization of the Public Service Store Corporation (USC) has reaffirmed that all the operations of the corporation will be closed before July 31 in accordance with the government directives.
The meeting, held in Islamabad on Wednesday, was chaired by the Minister of Finance, Muhammad Aurengzeb.
The Committee has the task of guaranteeing a smooth and transparent closing process, together with the formulation of a voluntary separation scheme (VSS) for USC employees and recommending a structured timeline for privatization.
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The Committee reviewed the progress of its assigned tasks and maintained detailed discussions about the next steps. During the meeting, the members focused on developing a fairly viable VSS for USC employees, which would facilitate an orderly exit for workers and facilitate the transition.
The members of the committee examined several aspects of the VSS, including their potential size, fiscal impact and the legal and operational challenges associated with its implementation. They also evaluated the implications of the deployment of the scheme and its possible effects on the workforce.
In addition to the VSS, the Committee recommended that the privatization commission be consulted on the optimal structuring and viability of the privatization process, or alternatively, the possibility of assets of assets linked to USC operations.
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To facilitate a more exhaustive analysis, the president has constituted a subcommittee, led by the Secretary of the Establishment Division.
The subcommittee will deepen the legal and operational aspects, the size and structure of the proposed VSS and will present its findings to the main committee for weekend.
The closure of the USC, part of the broader privatization plan of the government, is scheduled to remodel the retail panorama, although its impact on employees and consumers remains a point of continuous concern.
