Federal Cabinet Decides to Shut Down Utility Stores Corporation (USC), Committee Formed for Transition
In a significant development, the Federal Cabinet has decided to shut down the Utility Stores Corporation (USC), a major supplier of subsidized goods to the public. To manage this transition effectively, a seven-member committee has been established, headed by the Federal Minister for Industries and Production.
Read More: The government closes all Utility Stores nationwide
Committee Formation and Responsibilities
The newly formed committee includes high-ranking officials such as the Minister of State for Finance and Revenue, Minister of State for IT & Telecom, and key secretaries from Finance, Privatization, Benazir Income Support Program (BISP), and Industries and Production. This diverse team is tasked with overseeing the smooth closure of the USC.
Terms of Reference (ToRs)
On Tuesday, the Cabinet Division issued a notification outlining the committee’s Terms of Reference (ToRs) for the immediate closure of the USC’s operations. The committee has been given one week to submit a detailed report on the closure process, which will include guidelines on how to handle various aspects of the corporation’s wind-down.
Employee Reassignment and Asset Protection
The committee will also ensure the reassignment of USC employees, either placing them in a surplus pool or filling vacancies in other federal government organizations. Additionally, it will outline measures to protect the corporation’s assets and properties during the privatization process.
This decision is expected to bring significant changes to the USC, which has been a key player in providing essential goods at subsidized rates to citizens. The committee’s efforts will likely shape the future of both USC employees and the corporation’s infrastructure.
