SOEs employees to get 12 percent shares on discount rate

The Privatisation Commission (PC) has decided to give 12 percent share, on discount rate, to all permanent and contractual employees of all state-owned enterprises (SOEs), who have minimum five years service. The decision to this effect was taken here on Tuesday in a meeting of PC Board, presided over by the Minister for Privatisation, Naveed Qamar.
The Minister said that empowerment of the employees of SOEs was being carried out in accordance with the governments worker-friendly policies, which would ensure their participation at highest level in decision making.
He said that the directions given by President Asif Ali Zardari to disburse 12 percent shares on discounted price to the employees of all SOEs would create a sense of ownership among the workers, which would improve the functioning of these entities as well. The meeting discussed eligibility criteria and decided that all permanent and contractual employees, having minimum five years service, would be benefited through this scheme.
While discussing Pakistan Post transaction, the Minister categorically directed that non-financial services of the transaction should not be disturbed, and private sector should be associated with the Post Offices to handle some of the financial and banking services for developing new business set-up and for improving its operations and workings. The PC Board gave green signal for hiring of Financial Advisory Services for the transaction.
The PC Board reviewed the progress of the first transaction Jamshoro Power Company Limited (JPCL), launched after the new Privatisation policy announced last month on public-private partnership (PPP) on lease basis.
The PC has already invited Expressions of Interest from interested parties by March 25, 2008. It was also decided to settle the post-privatisation issues of Pakistan Telecommunication Company Limited (PTCL) in co-ordination with the provincial authorities on fast track basis.
The PC board reviewed the implementation status of the decisions made during the last PC Board meeting and approved the minutes of the meeting. The PC Board members, senior representatives of the respective ministries/ departments and PC officials also attended the meeting.