A high -level committee formed by the Prime Minister to oversee the closure and privatization of Utility Stores Corporation (USC) has confirmed that all operations in the company will be closed by July 31 in accordance with government directives.
The meeting, held in Islamabad on Wednesday, was led by Finance Minister Muhammad Aurangzeb.
The committee is tasked with ensuring a smooth and transparent closure process together with the formulation of a voluntary separation scheme (VSS) for USC employees and recommend a structured timeline for privatization.
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The committee reviewed the progress with its assigned assignments and held detailed discussions on the next steps. During the meeting, members focused on developing a fair and economically viable VSS for USC employees, which would facilitate an orderly exit for workers and facilitate the transition.
Members of the committee examined various aspects of VSS, including its potential size, tax impact and the legal and operational challenges associated with its implementation. They also assessed the consequences of the roll -out of the scheme and its potential effects on the workforce.
In addition to VSS, the Committee recommended that the Privatization Commission be heard about the optimal structuring and feasibility of the privatization process or alternatively the possibility of asset sales associated with USC operations.
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To facilitate a more thorough analysis, the chairman has put together a sub -committee, led by the secretary of the establishment department.
The subcommittee will dive into the legal and operational aspects, size and structure of the proposed VSS and submit its conclusions to the main committee by the end of the week.
The closure of the USC, part of the government’s broader privatization plan, is set to reshape the retail landscape, although its influence on employees and consumers remains a point of ongoing concern.
