A high -level committee trained by the Prime Minister to supervise the closure and privatization of the USTLITY Stores Corporation (USC) has reaffirmed that all the operations of the company will be closed by July 31 in accordance with government directives.
The meeting, held in Islamabad on Wednesday, was chaired by the Minister of Finance Muhammad Aurangzeb.
The committee is responsible for ensuring a fluid and transparent closing process, as well as the formulation of a voluntary separation diagram (VSS) for USC employees and recommend a structured calendar for privatization.
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The committee examined the progress of its assigned tasks and has held detailed discussions on the following steps. During the meeting, the members focused on the development of an equitable and financially viable VSS for USC employees, which would facilitate an ordered exit for workers and facilitate the transition.
The members of the Committee examined various aspects of the VSS, including its potential size, its budgetary impact and the legal and operational challenges associated with its implementation. They also evaluated the implications of the deployment of the program and its potential effects on the workforce.
In addition to the VSS, the Committee has recommended that the privatization committee be consulted on the structuring and optimal feasibility of the privatization process, or alternately, the possibility of asset sales related to USC operations.
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To facilitate a more in-depth analysis, the president has formed a subcommittee, led by the secretary of the division of the establishment.
The subcommittee will immerse itself in the aspects, the legal and operational structure of the VSS proposed and will submit its conclusions to the main committee by the end of the week.
The closure of the USC, which is part of the government’s wider privatization plan, should reshape the retail landscape, although its impact on employees and consumers remains a continuous point of concern.
