ISLAMABAD – Pakistan International Airlines (PIA) Chief takes anotherexcellent initiative to boost National Airline.
PIA Chief has decided to reduce 3500 employees, through the VoluntarySeparation Scheme (VSS).
Sources within the Ministry for Aviation have revealed that the officialshave finalized the employees ‘retrenchment plan’ that will be submitted tothe Economic Coordination Committee (ECC) for approval.
Briefing the ECC, the Aviation Division referred to a meeting held onDecember 30, 2017, where it was decided that the government of Pakistanwill pay the mark-up on the debt of PIACL directly to the lenders for fiveyears.——————————
In this regard, the Finance Division had allocated Rs. 24.5 billion in thebudget of the financial year 2019-20 for payment of mark-up on GoPguaranteed loans.
It also mentioned that a shortfall of Rs. 3.2 billion existed in thebudgetary allocations for PIACL meant for mark-up payments onGoP-guaranteed loans.
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The division also requested the cabinet’s economic committee for anadditional grant of Rs. 3.2 billion for repayment GoP guaranteed loans.——————————
According to sources, Aviation Division also referred to a summarysubmitted with the ECC regarding the mark-up and VSS on July 9, 2019. TheECC had deferred a decision on it until the end of Hajj operations 2019.
It also mentioned PIA’s plans to offer a golden handshake to its 3500employees with an estimated cost of Rs. 9.7 billion.
