ISLAMABAD: The Board of Governors of Pakistan International Airlines (PIA) has proposed the retirement of employees who are within four years of their retirement age in the event of the institution’s privatization.
As per ARY News, the Board of Governors has also approved the privatization plan of the institution.
During a four-hour consultative meeting, the new board of directors of the national airline discussed matters related to privatization. Suggestions concerning the future of employees were deliberated upon during this session.
The report said that employees with a remaining tenure of four years were advised to consider retirement, while discussions also revolved around a voluntary retirement scheme.
On a related note, the federal cabinet approved an 11-member Board of Directors (BoD) for the Pakistan International Airlines holding company, accelerating the privatization process of PIA. Former State Bank of Pakistan Governor Tariq Bajwa has been appointed as the chairman of the BoD, comprising seven independent directors and four government officials.
The registration of the PIA holding company with the NCB has facilitated the transfer of all debts and assets of the national flag carrier to the holding company, complying with regulations set by the Securities and Exchange Commission of Pakistan (SECP).
In a separate development aimed at restructuring PIA ahead of privatization, the federal government plans to establish two distinct entities within the airline framework: PIA Aviation and PIA Holding Companies.
It has been revealed that the government aims to settle all outstanding debts of PIA before proceeding with the privatization process.
