House Building Finance Corporation Limited (HBFCL), the country's oldest housing finance institution, recently held a ceremony to honour Malik Asif Hayat, the outgoing Chairman of the trade union. He was recognised for his invaluable contributions to both HBFCL and the Union over the last 25 years.
During the term of the presiding Managing Director of the company, Asif Hayat proved instrumental in creating greater understanding between the management and the workers and in guiding the MD through sensitive union issues. "HBFCL strongly believes in its people being the company's greatest asset, and to this end we have developed an excellent working relationship between the management and the workers as represented by the collective bargaining agent," stated Azhar A Jaffri, the managing director and CEO of HBFCL and added, "Malik Asif Hayat is an individual who has the wisdom to understand that while trade unions represent the interests of the workers, these are directly linked to the interests of the organisation and both must grow together. It was a pleasure to work with him and we wish him the very best for his future."
Malik Asif Hayat joined HBFCL in December 1985 and was lastly promoted in 1996 to the position of Account Assistant. He started taking part in trade union activities in 2005 and became the Chairman of the HBFC Workmen's Union. This trade union won the referendum held in 2006 and became the Collective Bargaining Agent (CBA). Under his leadership in 2010 this union again won the referendum for a second term as the CBA.
In 2010 the management of HBFCL announced a Voluntary Separation Scheme (VSS) for employees and Malik Asif Hayat availed the scheme. The House Building Corporation Limited (HBFCL) is now an unlisted Public Limited Company. Its Vision is "to be the prime housing finance institution of the country, providing affordable housing solutions to low and middle income groups of population by encouraging new constructions in small and medium housing (SMH) sector." Since its inception it has provided a range of housing finance products and services for nearly half a million housing units.-PR
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