12pc FWB, USC shares to distribute employees on oct.27: Govt

ISLAMABAD: The government would distribute 12 percent unit certificates shares of Fist Woman Bank (FWBL) and Utility Stores Corporation of Pakistan (USC) to its employees under Benazir Employees Stocks Option Schemes (BESOS) on October 27.

An official told APP that this event would be held here in which Federal Minister for Privatization Ghous Bux Mahar, Senior Minister for Industries Chaudry Pervaiz Ellahi and President of First woman bank would attend the event.

He said that the criteria for distribution of unit certificate shares among the employees are only the length of service rather than grade of employee.

The contractual employee who has served for five years, he would be eligible for one unit certificate and after each onward year, he will be given one unit certificate per year.

While the permanent employee who served for five years, he will be given five unit certificates and after it, one unit certificate per year.

The maximum unit certificate shares for employee is 20 and minimum one unit certificate shares were to be distributed.

The employee who joined the organization on August 14, 2009 would be eligible to benefit from the schemes, but any who joined the organization after this date will not able to get benefits.

The other official said that unit certificate shares would be distributed among employees of these organization from grade one to grade 22.

He said that the sole criteria for distributing the unit certificates is the length of service, whether he was peon or 20 grade officer, if the length of service of peon was more than officer then the peon would get more unit of certificates.

Copyright APP (Associated Press of Pakistan), 2011