Rs4.188bn severance package approved for PASSCO employees

ISLAMABAD: The Economic Coordination Committee (ECC) approved a Rs4.188 billion severance package for Pakistan Agricultural Storage and Services Corporation (PASSCO) employees during a meeting held here today (Thursday).

During the meeting, it was ascertained that the approved amount will be used to clear compensation and terminal benefits for eligible staff.

Federal Finance Minister Muhammad Aurangzeb, who chaired the meeting during the day, gave approval to key proposals related to food security and public sector reforms.

The ECC approved the auction of 8,197.989 metric tonnes of wheat from the PASSCO stocks affected by floods. The wheat will be sold in the open market through a transparent, competitive process, subject to third-party validation.

In another decision, the ECC advised Quaid-i-Azam University to engage independent economic experts for preparing its financial plan.

The committee also approved amendments to the Import Policy Order 2022, including the inclusion of a definition of forced labour. The revised policy will be aligned with international labour conventions.