PRIVATISATION OF SOEs AFTER MAKING THEM PROFITABLE-NO RETRENCHMENT DUE TO PRIVTISATION-Senator Waqar Ahmed Khan Federal Minister for Privatisation
 

Islamabad, January 18, 2010

The State Owned Entities (SOEs) will be privatised after making them profitable. No employee will be retrenched due to privatisation. The employees of 80 entities will get 12 % shares of the respective entities under Benazir Employees Stock Option Scheme (BESOS). Any decision regarding the privatisation of the public sector entities will be in the interest of the people. Under BESOS Trusts will be established in all entities with equal representation of the workers. Senator Waqar Ahmed Khan Federal Minister for Privatisation said while talking to the media persons after a meeting with Railway officials at Railway headquarters, Lahore today.

Senator Waqar said that Pakistan International Airlines (PIA) would start making profit this year while Pakistan Railways would also be made profitable after making improvements in its infrastructure. The government was working on a comprehensive policy for the privatisation of public sector entities, which ensures to further develop and improve the infrastructure of these entities to make them profitable and later to privatise them. The government has to see the administrative structure of the entity and if it was loss making then to review the nature of the debt and to see what sort of services its infrastructure could provide, he added.

The Minister further stated that all permanent and contract employees of 80 entities would get GoPs 12 % shares along with divided and the rights of the employees of these entities would be fully safeguarded. Earlier, the Minister chaired a meeting of the officials of Pakistan Railways and discussed various issues pertaining to improvements and making the entity profitable. The chairman PR Mr. Samiul Haq Khilji also attended the meeting.