KARACHI: The Pakistan International Airlines (PIA) has apprised PakistanStock Exchange (PSX) regarding a restructuring plan of the incumbentfederal government for the national flag carrier.
A secretary of the PIA in a letter to the PSX apprised that the governmentwas mulling over a restructuring plan for the airline, details of whichwould be released after the approval of the government.
“The restructuring plan is in process in the national flag carrier for thelast one year,” he said adding that they had closed down loss-making routes.
He said that the airline has launched new profit-making routes and ismoving forward under the guidelines of the SAPM on Institutional Reforms DrIshrat Hussain.
“We are working on financial and operational targets under the plansdevised by him,” the secretary said adding that the policy decisions weregiven a final nod by the board of directors of the PIA.
It is pertinent to mention here that under a restructuring plan, thevoluntary separation scheme (VSS) extended by Pakistan InternationalAirlines (PIA) to employees in order to allow them a compensation amountfor leaving the job voluntarily ended on December 31, 2020.
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According to the details shared with ARY News by PIA spokesperson, so far2000 applications of VSS have been approved since it announced the schemein the second week of December for two following weeks.
However, due to an encouraging response from its staffers who chose to giveup their jobs voluntarily, the PIA extended this offer for one more week onDec 22 and then for two more days as it was to expire the day beforeyesterday.
Its spox said the national flag carrier has already issued release lettersto at least 1000 employees who signed up for the scheme.
A mandatory retirement scheme will follow the VSS, under which employeeswith poor performance will be laid off, the sources saidlink.
