Letter to PM: TCP employees oppose payment of Rs 11 billion dividend

Employees of Trading Corporation of Pakistan (TCP) have opposed the payment of Rs 11 billion dividend as demanded by Ministry of Finance and urged the federal government to withdraw the said directives.
TCP Employees Union has written a letter to Prime Minister requesting him to intervene in the matter for the sake of over 450 employees and their families.
Recently, ministry of finance has directed TCP for the payment of dividend amounting Rs 11 billion. Employees union claimed that TCP has already paid Rs 2.9 billion out of TCP's annual profit since 2013 to the federal government on account of dividend. In addition, the TCP's Board of Directors also agreed to pay Rs 100 million in the current financial year as dividend.
The letter said TCP is a commercial organization working under the administrative control of ministry of commerce and played a vital role to stabilize the prices of commodities as and when needed by the government.
Presently, about 450 employees are working in the corporation and since its inception TCP has never asked the government for budget grant to finance its administrative/development expenditures and not depended on the federal budget's funding.
It said TCP is a self-sustained organization and administrative cost is being borne through its own resources ie from commission or handling charges.
To ensure payments on account of administrative and development expenditure, the management has invested surplus funds earned from commission income/handling charges in various financial institutions having 'A' rating on high competitive margins through a transparent placement mechanism as per guidance of ministry of finance.
However, recently, TCP has been directed by ministry of finance for Rs 11 billion divided.
The letter said in case corporation's saving from commission are deposited in exchequer, it would become difficult for TCP to continue its day to day operational as well as development and administrative activities which include repair and maintenance of offices/godowns and salaries of about 450 employees.
Due to current situation, there is great unrest amongst the employees of the corporation who are highly perturbed because of uncertainty regarding their services or survival of the corporation, union said.
Hence, the letter asked Prime Minister to direct finance ministry to withdraw that order to prevent self-sustained corporation from collapse and to save services of about 450 employees and their families.