Utility Stores to Shut Down Nationwide Operations by July 31
The federal government has decided to shut down all operations of the Utility Stores Corporation (USC) by July 31, marking a major step forward in its ongoing privatisation agenda. The decision was confirmed during a committee meeting led by Finance Minister Muhammad Aurangzeb in Islamabad, where Prime Minister Shehbaz Sharif was also present to oversee the process.
The committee has been assigned the responsibility to ensure a transparent and structured closure of the state-owned Utility Stores. One of the key elements discussed was the development of a fair and financially viable voluntary separation scheme for the corporation’s employees. Various dimensions of the plan were reviewed, including its projected financial impact, legal implications, and the logistical structure of the rollout.
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In order to carry out a comprehensive evaluation of the separation scheme, the finance minister formed a subcommittee headed by the Secretary of the Establishment Division. This subcommittee will assess the legal and operational details of the proposed scheme, including its size and structure, and will submit its findings to the main committee by the end of the week.
The committee also advised engaging the Privatisation Commission to assess the most suitable path forward, whether through full privatisation of the corporation or partial asset sales. The overall goal is to ensure that the closure is handled efficiently while safeguarding the interests of the employees and aligning with broader fiscal and administrative reforms.
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