2 min read
The government has revised the timeline for utility stores closure, now setting July 31, 2025, as the new date to cease operations of the Utility Stores Corporation (USC), as confirmed during a high-level meeting chaired by Federal Finance Minister Senator Muhammad Aurangzeb.
The meeting was held to review the progress made by the committee formed by Prime Minister Shehbaz Sharif to oversee the utility stores closure, devise a suitable Voluntary Separation Scheme (VSS) for USC employees, and finalize a roadmap for privatization.
The committee discussed at length the structure of a fair and financially viable VSS, examining its scope, projected fiscal impact, and legal implications. It reaffirmed that all USC operations would officially close by the end of July, replacing the previous deadline.
To ensure a well-structured and transparent process, the committee advised that the Privatization Commission be consulted on the most feasible strategy for privatization or potential asset sales linked to USC.
A sub-committee, headed by the Secretary Establishment Division and including representatives from the Finance and Industries & Production Divisions, was constituted to analyze the size, legal aspects, and operational contours of the proposed VSS. The sub-committee will submit its findings by the end of the week, enabling the main committee to compile its final recommendations for the Prime Minister.
The meeting was attended by Special Assistant to the Prime Minister on Industries & Production Haroon Akhtar Khan, secretaries from key ministries, USC’s Managing Director, and senior officials from the Finance and Revenue Divisions.
