Benazir Stock Option Scheme: shares to be distributed among USC, FWBL employees in Dec

The Unit certificate shares of Utility Stores Corporation of Pakistan (USC) and First Woman Bank Limited (FWBL) under Benazir Stock Option Scheme (BESOS) would be distributed among 6650 employees by first week of December. A senior official in ministry of Privatisation Commission told APP that the event of distributing unit certificate shares was to be held on October 27, but due to sudden death of Begum Nusrat Bhutto, it was cancelled.
He said that the government would distribute 12 per cent unit certificate shares of these companies among its employees in first week of December of current year in first step. In the next steps, the shares of Steel Mills, State Life Insurance, Islamabad Electricity Supply Company, National Telecomm-unication and National Insurance Company would be distributed, he remarked.
He informed that the government would distribute 12 per cent unit certificate shares among the 6300 employees of USC and 350 employees of FWBL. Total unit certificate shares of USC and FWBL to be distributed among these employees are 32600. He said that 3600 unit certificate shares of FWBL would be distributed among its 350 employees. "While 29000 unit certificate shares of USC would be distributed among its 6300 employees", he added. He said that government would also distribute 12 per cent unit certificate shares among these employees under Benazir Employees Stock Option Scheme (BESOS).
The official said that this event would be held here in which Federal Minister for Privatisation Ghous Bux Mahar, Senior Minister for Industries Chaudhry 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 is only the length of service rather than grade of employees.
The contractual employees who have served for five years, would be eligible for one unit certificate and after each onward year, they will be given one unit certificate per year. While the permanent employees who served for five years, will be given five unit certificates and after it they would get one unit certificate per year. The maximum unit certificate shares for any employee is 20 and minimum one unit certificate shares was to be distributed. The employees who joined the organisation on August 14, 2009 would be eligible to benefit from this schemes, but those who joined the organisation after this date will not able to get benefits.
The other official said that unit certificate shares would be distributed among employees of these organisation 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 a peon or grade 20 officer, if the length of service of peon was more than an officer then the peon would get more unit of certificates.