Utility Stores shut down across Pakistan, employees offered Rs28b golden handshake
Business
Minister says Utility Stores were burning a hole in the national exchequer with losses of Rs600m
ISLAMABAD (Dunya News) – Federal Minister Tariq Fazal Chaudhry announced on Saturday that all Utility Stores across Pakistan will be shut down starting today, while employees will be given a relief package worth Rs28 billion.
Speaking at a press conference, the minister said Prime Minister Shehbaz Sharif had approved the package to ease the worries of Utility Stores staff.
Out of the total, Rs19.5 billion will go directly into the pockets of employees, while Rs13.18 billion has been set aside for permanent staff, Rs3.6 billion for contract workers, and Rs2 billion for daily wagers.
Chaudhry revealed that Utility Stores employ 11,614 people nationwide, and all properties of the organization will also be auctioned off. “We tried tooth and nail to keep this institution afloat, but it kept bleeding money.
Every month, Utility Stores were burning a hole in the national exchequer with losses of Rs600 million,” he said with a heavy heart.
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He added that a special committee headed by the finance minister prepared the golden handshake package to ensure a fair deal for all employees.
“Had this institution stood on its feet, it would have been good for everyone. But now, the chapter of Utility Stores has come to an end,” he remarked.
