Utility stores to shut down permanently from THIS date

ISLAMABAD: Federal Finance Minister Senator Muhammad Aurangzeb Wednesday presided over a high-level meeting of the Committee formed by the Prime Minister to manage the closure and privatization of the Utility Stores Corporation (USC).

The committee has been directed to ensure a transparent and smooth process of closure, devise an appropriate VSS for the employees of USC, and suggest a structured timeline for privatization.

Utility Stores Shut Down Deadline 

At the meeting, the committee under the chairmanship of the finance minister went through the work done in light of the task given to it and deliberated at length on what needed to be done. It was re-emphasized that, as per the government instructions, all operations of USC will be shut down by 31st July 2025.

The committee deliberated at great length on the establishment of an equitable and financially sustainable Voluntary Separation Scheme (VSS) for the USC staff.

Throughout the meeting, the members considered several aspects of the planned VSS, such as its estimated size, possible fiscal implications, and legal and operational implications arising from its composition and implementation.

The committee suggested that the Privatization Commission be approached on the structuring and feasibility of the best privatization, or alternatively, the sale of assets tied up with the USC operations.

For enabling an exhaustive examination, the chair formed a subcommittee led by the Secretary Establishment Division.

The main Committee shall comprise representatives from the Finance Division and the Industries & Production Division to study the medical and business contours, size, and structure of the medical VSS to be proposed, and their report shall be submitted to the main Committee by the end of the week.

This will allow the committee to integrate its observations and complete its report and recommendations to be presented to the Prime Minister by the Terms of Reference.

Special Assistant to the Prime Minister on Industries & Production, Haroon Akhtar Khan; Secretaries of Establishment, Finance, Industries & Production, Managing Director of USC, and top officers from the Finance and Revenue Division participated in the meeting.