LAHORE: In a significant move towards pension reform, the Punjab Small Industries Corporation (PSIC) has sanctioned two innovative pension schemes for its employees, aiming to enhance employee welfare. The corporation plans to secure a Rs.2.5 billion loan from the Punjab government to cover the pension liabilities associated with these schemes.
During a recent PSIC board meeting, officials also outlined a strategic plan to monetize the corporation’s dormant assets through an auction of unused properties, thereby generating additional revenue. Alongside these financial strategies, several measures were approved to support industrialists and workers, including a relief package for allottees of canceled plots at the Sundar-II Small Industrial Estate.
As part of the assistance program, eligible allottees will benefit from a 20% reduction on their outstanding dues. To qualify, beneficiaries must complete construction of their factories within six months and commence regular production within two years, encouraging prompt industrial activity.
The meeting concluded with the approval of previous minutes and all pending administrative issues, marking a step forward in Punjab’s industrial and employee welfare reforms.
