Around 300 officers and executives of House Building Finance Corporation (HBFC) availed the facility of golden handshake Voluntary Severance Scheme (VSS) this year. Voluntary Severance Scheme (VSS) was introduced on June 25, 2010 but it was offered for executives and officers caders only. According to the sources, the VSS policy was introduced after taking CBA Union into confidence.
Sources said the results were unexpected and the numbers of high cadre officers were so high that they had to stop the scheme. They said the scheme was so lucrative that even the President of CBA Union, Malik Asif Hayat preferred to get early retirement. According to HBFC officials, the work for VSS programme had been going on for several years and funds were being collected in annual budgets and this scheme did not affect the budget seriously.
They claimed the progress of HBFC moved upward considerably within a few months after early retirement of around 300 officers and executives. They accepted there was some positive trend with regard to performance recently as compared to last year. An official said HBFC introduced the information technology in its system, IT experts were hired and increased the transparency in accounts affairs in consequence of voluntarily retirement of executives and officers.