Rs330m approved for maintenance of aircraft
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April 8, 2021
ISLAMABAD: While granting its nod for laying off 25 percent workforce or around 3,500 through Voluntary Separation Scheme (VSS), the Economic Coordination Committee (ECC) of the cabinet Wednesday approved restructuring plan of Rs457 billion for cash-bleeding Pakistan International Airlines (PIA).
The meeting approved Rs330 million for the Ministry of Defence for the maintenance of aircraft. This restructuring plan for PIA will be implemented after getting approval from the federal cabinet. The ECC directed the authorities concerned to further fine tune the restructuring plan and reconcile figures before presenting before the cabinet.
The PIA required Rs13 billion from the government for implementing VSS in order to lay off around 25 percent of a total workforce of 14,000, indicating that around 3,500 working staff will be relieved under the restructuring plan. When contacted, Adviser to PM on Institutional Ref
ECC allows PIA to lay off 25% of workforce via Voluntary Separation Scheme
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ECC approves a Rs457 billion restructuring plan for PIA.
Adviser to PM Dr Ishrat Hussain says PIA restructuring plan would convert Rs457 billion loan into equity.
The restructuring plan will be implemented after getting approval from the federal cabinet.
ISLAMABAD: The Economic Coordination Committee (ECC) on Wednesday gave approval for PIA to launch a Voluntary Separation Scheme (VSS) to lay off 25% of its workforce making it around 3,500 employees. It also approved a restructuring plan of Rs457 billion for the national carrier.
The meeting approved Rs330 million for the Ministry of Defence for the maintenance of aircraft. The restructuring plan will be implemented after getting approval from the federal cabinet.
ECC approves PIA restructuring plan dailytimes.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailytimes.com.pk Daily Mail and Mail on Sunday newspapers.
Aviation Division Submits Plan to Restructure PIA propakistani.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from propakistani.pk Daily Mail and Mail on Sunday newspapers.