Utility Stores Corporation Set to Close by July 31

The federal government is preparing to discontinue its public retail operations, with the Utility Stores Corporation (USC) slated for closure by July 31, according to recent reports.

This decision emerged during a high-level meeting convened by a Prime Minister-appointed committee focused on overseeing the USC’s closure and privatization. The meeting, held at the Finance Division, was presided over by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, as stated in an official release.

The committee’s mandate includes ensuring a seamless and transparent closure process, developing a suitable Voluntary Separation Scheme (VSS) for USC employees, and proposing a well-defined timeline for privatization.

During the session, the committee assessed the progress made against its assigned tasks and engaged in detailed discussions regarding the path forward.

It was reiterated that, aligning with government directives, all USC operations will cease by July 31, 2025.

The committee further deliberated on formulating an equitable and financially sustainable VSS for USC personnel.

According to the statement, committee members thoroughly examined various facets of the proposed VSS, including its anticipated scope, potential financial impact, and the legal and operational considerations associated with its structure and implementation.

The committee suggested consulting with the Privatization Commission to determine the optimal structure and feasibility of privatization or asset sales related to USC operations.

Furthermore, to facilitate a thorough analysis, the chair established a subcommittee headed by the Secretary of the Establishment Division.

This subcommittee, comprising representatives from the Finance Division and the Industries & Production Division, will investigate the legal and operational aspects, contours, size, and structure of the proposed VSS. It is tasked with submitting its report to the main committee by the end of the week.

This timeline will enable the committee to consolidate its findings and finalize its report and recommendations for submission to the Prime Minister, adhering to the established Terms of Reference.