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More trusts registered to benefit workers

Staff Report

ISLAMABAD: So far seven Benazir Employees Stock Option Scheme (BESOS) trusts have been established in different State Owned Enterprises (SOEs) while nine more have been registered to extend the benefits of privatisation to the workers.

This was informed in a meeting of the Board of Privatisation Commission (PC) held here today under the chairmanship of Iftikharul Haq, a senior PC Board member.

The scheme aims to extend the benefits to the eligible employees for 12 percent GoP shares of the privatised or non-privatised entities.

The BESOS Trusts have been established in Sui Northern Gas Pipeline Limited (SNGPL), Sui Southern Gas Company (SSGC), Pakistan State Oil (PSO), Jamshoro Power Generation Company (JPGC), Pakistan National Shipping Corporation (PNSC), National Investment Trust (NIT), Heavy Electrical Complex (HEC), Pakistan Machine Tool Factory (PMTF) and National Power Construction Company (NPCC).

The meeting was informed that the scheme was launched by the Prime Minister of Pakistan who distributed unit certificates i.e. 12 percent GOP shares to 887 employees of Heavy Mechanical Complex (HMC) on 14th August 2009. One unit of HMC is equal to 750 shares.

Thereafter, on 26th August, 2009, unit certificates were distributed amongst the employees of Oil & Gas Development Company Limited (OGDCL) by the Federal Minister for Privatisation and Petroleum & Natural Resources. OGDCL is the second unit where BESOS is being implemented and about 10,576 employees of this unit will benefit from the scheme. One unit will be equivalent to 3,000 shares. The units per employee will range from 1 to 20 depending upon the length of service. The benefit to each employee will range from Rs 270,000 to Rs 5.4 million. Based on the dividend paid last year the employees will additionally benefit from dividends ranging from Rs 14,250 to Rs 285,000 each.

On 1st October 2009, the Prime Minister of Pakistan distributed unit certificates amongst the employees of Pakistan Petroleum Limited. PPL was the third unit where BESOS is being implemented and about 2,693 employees of this unit will benefit from the scheme. One unit will be equivalent to 2,566 shares. The units per employee will range from 1 to 20 depending upon the length of service. The benefit to each employee will range from Rs 484,948 to Rs 9.6 million.

The meeting also reviewed the implementation status of its earlier decisions and the progress of various on going and upcoming entities and formulated certain recommendations for the approval of the Cabinet Committee on Privatisation (CCOP).

Shahab Khawaja, secretary Privatisation Commission, PC Board members, senior representatives of the respective ministries/ departments and PC officials attended the meeting.

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