The federal cabinet has officially decided to close down the Utility Stores Corporation (USC), initiating a transition process to wind up its operations. To oversee this development, a seven-member committee has been formed under the leadership of the Federal Minister for Industries and Production.
The committee includes prominent officials such as the Minister of State for Finance and Revenue, the Minister of State for IT and Telecom, and secretaries from the Finance, Privatization, Benazir Income Support Program (BISP), and Industries and Production divisions.
A notification issued by the Cabinet Division on Tuesday outlined the Terms of Reference (ToRs) for the committee, which has been tasked with ensuring the immediate closure of USC operations. The committee is required to submit a comprehensive report detailing the process within one week.
Employee Reassignment and Asset Management
The committee will also be responsible for managing the reassignment of USC employees, either by transferring them to a surplus pool or placing them in vacant positions within other federal government departments. Additionally, the committee will develop a plan to safeguard the corporation’s assets and properties during the privatization process.
This decision marks a significant step in the government’s efforts to restructure and streamline public sector organizations. Further updates on the closure process are expected following the submission of the committee’s report.
