LAHORE: The 119th board meeting of Punjab Small Industries Corporation (PSIC), which was held under the chair of Senior Minister Mian Aslam Iqbal at the Civil Secretariat on Monday, approved a 15 percent increase in pensions of retired employees from July 1st 2022 according to the notification of the finance department.

The meeting also approved an amendment to the rules of business of the PSIC board, the constitution of the development working party for ODP-funded development projects, and an increase in the fee of legal councils pursuing PSIC cases in courts. The board also approved the expansion of the incentive package of waiving off markup on credit schemes for small industries for 2022 and formulated a subcommittee to finalize land lease policy for government small industrial estates. PSIC estimates for 2022-23 also came under discussion.

The senior minister termed small and medium enterprises important for employment generation and strengthening of the economy and directed to formulate an effective system for the promotion of cottage industry at the grassroots. He further directed holding a performance audit of the cluster development initiative and added that the board constitution of small industrial estates should be completed without any delay. Action would be initiated if the wrong report is submitted by any regional director about the colonization of small industrial estates and allied matters; he warned and further directed to take steps for improving industrial-academia linkages to develop and train the best human resources.

Copyright Business Recorder, 2022