Federal Minister Voices Concerns Over Postal Life Insurance Company Performance

ISLAMABAD: Federal Minister for Communications, Abdul Aleem Khan, has articulated his discontent with the current operational standards of the Postal Life Insurance Company (PLIC).

During a recent high-level assessment meeting, the minister advocated for the development of a thorough business strategy aimed at boosting the institution’s revenue and bolstering its reputation.

In his address, the federal minister remarked that PLIC’s existing financial state, marked by expenditures exceeding income, is untenable. He insisted on the eradication of both corruption and incompetence within public sector organizations.

He instructed PLIC to expedite the settlement of pending claims and to present a revised strategy to rectify its deficiencies.

Aleem Khan emphasised the necessity of structural overhauls, highlighting that reforms within the administrative structure of the Postal Life Insurance Company are crucial to effectively address modern challenges.

He firmly stated that the misuse of government funds would not be tolerated under any circumstances. Khan noted that public sector organizations should prioritize enhancing their internal resources and revenue streams, rather than depending on government subsidies.

He encouraged officials to embrace contemporary demands by adapting their strategies and to diligently work towards amplifying internal resources. He further commented that for PLIC to realize tangible advancement, it must rival private sector enterprises and ensure heightened profitability utilizing minimal workforce.

During the session, the federal secretary for communications and the director general of Pakistan Post provided the Federal Minister for Communications with a briefing on the various challenges confronting the Postal Life Insurance Company.

The decision was made to formally engage with the Finance Department to seek assistance in resolving the company’s economic difficulties.

Furthermore, a subsequent meeting has been scheduled within a week to assess the proposed new business strategy.