The Senate Standing Committee on Industries and Production has been informed that Stores Stores (USC) is preparing to close 1700 outlets and reduce its power operating by more than 11,000 employees as part of the long privatization process.
The state-run retail chain is burdened by the obligations of 14 billion rupees, while the value of its immovable assets, which was last evaluated in 2020-21, is about 8.3 billion rupees.
The committee was said that the USC privatization is still hanging until the completion of the two -year audit, which is expected by August 2025.
In surrounding the committee, USC officials said that the restructuring plan includes the transfer of about 5,000 regular employees to a surplus group, while 6000 workers and workers per day will not get any parts. Understanding raised concerns between the workforce, which prompted calls for clarity and transparency in this process.
Senator Aoun Abbas, the head of the committee, urged the Ministry of Industries to ensure a fair treatment of employees because they are facing increasing concern about job security. He also criticized the absence of the Minister of Industries from the session, and warned the official against attending the next meeting without failure.
During the meeting, members of the Senate also audited the sugar sector, and they doubted the rise in domestic prices despite the export of 700,000 tons of sugar in this fiscal year. Abbas pointed out that nearly 44 percent of sugar factories are owned by political families and raised concerns about the increase in prices after the cracking season.
The officials explained that the Sugar Advisory Council has only powers to recommend and does not specify retail prices. It monitors the implementation of the national sugar policy and supervises matters related to production, exports and imports.
Senate members called for the summons of representatives of the Competition Committee in Pakistan (CCP) and the owners of sugar mills in future sessions to investigate the possible prices in the market. The meeting was attended by Senator Al -Masser, the best, Saif Allah Saarwar Khan Nizi, Hussein Bano, and Danish Kumar, along with the administrative director of the University of Southern California, Faisal Nisar Chaudhry and other relevant officials.
