ISLAMABAD: The federal government has appointed Shoaib Javed Hussain as Chairman State Life Insurance Corporation (SLIC) for two years on special package of Rs 2 million per month, sources in Commerce Ministry told Business Recorder.
State Life Insurance Corporation of Pakistan was established under the Life Insurance (Nationalization) Order, (LINO) 1972. Ministry of Commerce is responsible for administrative oversight of the Corporation while the management is headed by the Chairman and Board of Directors.
The post of Chairman SLIC was converted from MP-I to SPPS-I by Cabinet Committee on Conversion of MP Scales and SPPS and package of SPPS-I was re-advertised and published with the salary package of SPPS-1 in national newspapers on July 31, 2020. A total number of 19 applications were received by the closing date out of which 08 were found to be eligible by the Shortlisting Committee.
The Special Selection Board (SSB) interviewed the shortlisted candidates in its meeting held on October 15, 2020 and found only one candidate, namely Shoaib Javed Hussain suitable for the position of Chairman, State Life Insurance Corporation (SLIC).
Shoaib Javed Hussain has, however, revealed that if he is appointed Chairman, SLIC, his current terms & conditions of employment require three months notice period to his current employer, prior to joining SLIC.
Accordingly, a summary on November 24, 2020 was moved through Establishment Division for approval of Prime Minister for placing the following proposals before Federal Cabinet for consideration: (i) Shoaib Javed Hussain may be considered for appointment as Chairman, State Life Insurance Corporation (SLIC) under SPPS-I pay scales on a remuneration of Rs. 2.0 million per month (all inclusive) for a period of 3 years, with the request to waive-off the condition of provision of a panel of three candidates, as required under the rules/policy; (ii) as an interim arrangement, Additional Charge of the post of Chairman, SLIC may be assigned to Dr Muhammad Sohail Rajput (PAS/BS-22), currently posted as Special Secretary, Ministry of Commerce, for a period of three months joining of Shoaib Javed Hussain as Chairman SLIC, whichever is earlier in order to enable SLIC to run its business without any hindrance.
The Government has approved the Commerce Ministry’s proposal with the modification that Shoaib Javed Hussain shall also be appointed as Director/SLC in terms of 12(1) of the Life Insurance (Nationalization) Order, (LINO) 1972 and that the tenure of appointment shall be two years in terms of policy for appointment to positions in Special Professional Pay Scale.
Copyright Business Recorder, 2020