7 BESOS trusts established

ISLAMABAD (APP) - In order to implement the Benazir Employees Stock Option Scheme (BESOS) in State Owned Enterprises (SOEs) to extend the benefits to the eligible employees free of cost for 12 pc GoP shares of the privatised or non privatised entities, so far seven BESOS Trusts have been established and registered. The BESOS Trusts have been established in Pakistan Petroleum Limited (PPL), Pakistan State Oil (PSO), Oil & Gas Development Company Limited (OGDCL), Heavy Electrical Complex (HEC), Heavy Mechanical Complex (HMC), Pakistan Machine Tool Factory (PMTF) and National Power Construction Company (NPCC). It was informed in a briefing to the members of the Privatisation Commission (PC) Board in a meeting held here today under the chairmanship of Syed Naveed Qamar Federal Minister for Privatisation, Petroleum and Natural Resources, says a statement issued here today. The Minister said that President Asif Ali Zardari and the Prime Minister Syed Yusuf Raza Gilani attach great importance to the scheme, which ensured empowerment of the workers who had devoted their sweat and blood for the development and progress of their respective entities. It should also be ensured that the profit pertaining to GoPs 12 shareholdings announced after August 14, 2009 of the entities under BESOS must be accrued to the respective Trusts for further disbursement to the workers, he directed. Syed Naveed Qamar directed the Privatisation Commission to complete the Trusts establishment and registration phase in the entities under BESOS on fast track basis for speedily transmitting the benefits of the pro worker scheme as the Trusts are entitled to receive dividends, if any, from the date of applicability of the BESOS. The employees dismissed, removed or terminated for any disciplinary reasons shall not be entitled to any benefits under the scheme. However, all eligible permanent and contractual employees having minimum five years of service will be offered units in lieu of 12 pc GoP shares on the basis of years of completed service, which will determine their entitlement proportionate to their length of service in respective SOE. One unit will be allocated for each completed year of service with a maximum of twenty (20) units for any employee and no distinction is made between executives and workers for the purposes of the scheme. The meeting also reviewed the implementation status and 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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