A delegation of CBA workers Union of Pakistan Telecommunication Company Limited (PTCL) led by the Secretary General Lala Muhammad Hanif held a meeting with the Federal Minister for Privatization Senator Waqar Ahmed Khan here today.
The PTCL CBA Workers Union gave three names of their office bearers for the establishment of PTCL Benazir Employees Stock Option Scheme (BESOS) Trust. The names include Mr. Muhammad Waseem Minhas Senior Vice President, Mr. Muhammad Iqbal Senior Vice President-2 and Sardar Aurangzeb Vice President. The Privatization Commission (PC) formed the PTCL UFONE BESOS Trust and got it registered today. The employees of PTCL and UFONE will get the benefits under this Trust. The Minister directed the officials to finalize the other entities Trust and to get them registered at their earliest to transmit the benefits of the scheme to the workers without any further delay.
The delegation termed the free of cost distribution of 12 % GoP shares under Benazir Employees Stock Option Scheme (BESOS) a revolutionary step of the present government and expressed that the sense of ownership in the company would make them more responsible to work uninterruptedly and dedicatedly and to make it more profitable as the recipients of shares unit certificate would also be eligible to get due dividend.
The delegation expressed their gratitude to Senator Waqar Ahmed Khan for extending his cooperation for the implementation of the scheme and assured the Minister that the scheme would improve the relations between the management and the employees in the largest interest of the company and the nation.
Senator Waqar Ahmed Khan Federal Minister for Privatisation said that the BESOS scheme approved by the Federal Cabinet covers employees of 80 State Owned Entities (SOEs), which has been envisaged in accordance with the vision of Shaheed Mohtarma Benazir Bhutto who always attached great importance for the uplift and empowerment of the workers. The President Asif Ali Zardari and the Prime Minister Yusuf Raza Gilani were also determined to make the workers as owners of their respective entities, he added.
So far 39 BESOS Trusts have been registered under Benazir Employees Stock Option Scheme (BESOS). The establishment of BESOS Trust in Pakistan Steel Mills Corporation (PSMC) and Pakistan Steel Fabrication (PSF) are at final stage while Trusts in the remaining organizations are under process.
12 % GoP shares of 27 SOEs have been distributed free of cost among 69,644 employees while 39 BESOS Trusts have been registered in the entities having 94,778 employees. Under this scheme the workers of 80 SOEs will receive the shares unit certificates and dividend accordingly.
BESOS has started delivering its fruits as an amount of Rs.1.613 billion have been disbursed among 16044 employees of seven (7) entities while PC has received Rs.1.452 billion in its Revolving Fund. These companies include Oil & Gas Development Corporation Limited (OGDCL), Pakistan Petroleum Limited (PPL), Pakistan state Oil (PSO), Mari Gas (MG), Pakistan National Shipping Corp (PNSC), Lakhra Coal & Development Co. (LCDC) and National Insurance Company Limited (NICL).
The 230 employees of four (4) entities namely OGDCL, PPL, PNSC and PSO are being given the compensation claims worth Rs.1.104 billion, which is under process of verification and audit. The representation of employees on the Board of Directors of the respective entities is also in progress. Under BESOS 500,000 workers of more than 80 entities will receive free of cost shares unit certificates.
