The federal government is all set to shut down its public retail sector, the Utility Stores Corporation (USC) by July 31, it was learnt on Wednesday.
The development came into light during a high-level meeting of the committee constituted by the Prime Minister to oversee the closure and privatisation of the USC today at the Finance Division, with Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, in the chair, read a statement released by the Finance Division.
The committee has been tasked with ensuring a smooth and transparent closure process, formulating a suitable Voluntary Separation Scheme (VSS) for USC employees, and recommending a structured timeline for privatisation.
During the meeting, the committee reviewed the progress made in light of the tasks assigned and held detailed deliberations on the way forward.
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It was reaffirmed that, in accordance with the government’s directives, all operations of USC will be closed by 31st July 2025.
The committee also discussed at length the formulation of a fair and financially viable VSS for the USC employees.
As per the statement, the committee members examined various dimensions of the proposed VSS, including its projected size, potential fiscal impact, and legal and operational implications associated with its structure and rollout.
The committee recommended that the Privatisation Commission be consulted regarding the optimal structuring and feasibility of privatisation, or asset sales linked with the USC operations.
Moreover, to facilitate a comprehensive analysis, the chair constituted a subcommittee headed by the Secretary Establishment Division.
The committee will include representatives from the Finance Division and the Industries & Production Division to examine the legal and operational aspects, contours, size, and structure of the proposed VSS and submit its report to the main committee by the end of the week.
This will allow the committee to consolidate its findings and finalise its report and recommendations to be submitted to the Prime Minister in line with the Terms of Reference.
