Federal Finance Minister Senator Muhammad Aurangzeb chaired a high-level meeting on Wednesday to review progress on the planned closure and privatization of the Utility Stores Corporation (USC), as directed by the Prime Minister.
The committee, formed to manage the process, reaffirmed that USC operations will cease by 31 July 2025. The focus of the meeting was to ensure a smooth and transparent shutdown, design an effective Voluntary Separation Scheme (VSS) for employees, and outline a structured timeline for privatization.
Officials discussed the proposed VSS in detail, reviewing its potential size, financial burden, legal aspects, and overall feasibility. The scheme is intended to offer fair compensation to staff while minimizing long-term liabilities.
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The committee also proposed engaging the Privatization Commission to assess the best course for asset disposal—either through full privatization or sale of USC-owned properties.
To strengthen the analysis, a subcommittee was formed under the Secretary of the Establishment Division. It will evaluate the structure and financial dimensions of the VSS and submit findings by the end of the week.
The final report will incorporate these recommendations and be submitted to the Prime Minister as per the established terms of reference.
Key attendees included Haroon Akhtar Khan, Special Assistant to the Prime Minister on Industries & Production, along with senior officials from the Finance, Revenue, and Industries divisions.