The federal government has set July 31 as the final deadline to shut down Utility Stores Corporation (USC) on the instructions of Prime Minister Shehbaz Sharif, sources told ProPakistani.
A Voluntary Separation Scheme (VSS) will be offered to all USC employees as part of the transition plan. Sources said loss-making stores will be permanently closed, while the rest will be handed over to the private sector.
The decision follows a final high-level meeting chaired by the Prime Minister on June 28. The Privatization Commission has been directed to carry out the entire process and will brief the Prime Minister on the procedural developments, sources added.
The Ministry of Industries has also been involved in the plan to wind up the state-run retail chain, which has incurred persistent financial losses over the years.
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