Workers being Empowered under BESOS-Senator Waqar

WORKERS BEING EMPOWERED UNDER BESOS-Senator Waqar Minister Privatisation

Islamabad, April 22, 2010

The 500,000 workers of 80 State Owned Entities (SoEs) are being empowered under Benazir Employees Stock Option Scheme (BESOS) by giving them free of cost 12 % GoP shares unit certificates, disbursing dividends, ensuring their representation on their respective Board of Directors, making them owners and associating them to have their say in the decision making process for the progress of their companies. Senator Waqar Ahmed Khan Federal Minister for Privatisation said during a meeting with a delegation of Postal Headquarters Employees Union led by General Secretary Mr. Moazam Ali Zahid here today.

The Minister remarked that Pakistan Post’s network was the largest than any bank in the country and the government intended to streamline its banking activity through creating a bank and improving its other services through restructuring. However, it was for the employees of Pakistan Post to make their department profitable and vibrant, he said.

Senator Waqar further said that we were not privatizing any entity but for value addition of the entities in Privatisation Program private sector was being associated through Public Private Partnership (PPP) with clear instructions that not even a single employee could be retrenched and to create new job opportunities through expansion in these entities and to increase the production.

The Minister asked the PC officials to form a committee to identify the grievances and to address the reservations of the Pakistan Post Offices employees.

Earlier, the leader of the delegation Moazam Ali Zahid Secretary General Postal Headquarters Employees Union informed the Minister that five CBA Unions of Postal Headquarters, Postal Administration, Postal Operations, Mail Sorting and Postal life Insurance were representing more than 40,000 employees of Pakistan Post. The employees should be taken on board prior to taking steps for restructuring or adopting Public Private Partnership (PPP) mode, he said.