Pakistan Post faced Rs61 billion loss in 10 years
Committee expresses anger over absence of Minister of Postal Services Murad Saeed as well as Postal Service secretary
Committee expresses anger over absence of the Minister of Postal Services Murad Saeed and Postal Service secretary. PHOTO: FILE
ISLAMABAD:
The Pakistan Post, the official postal service of the country, has faced a loss of Rs61 billion in the last 10 years, a parliamentary panel was told on Friday.
Presenting statistics with regard to performance of the organisation, the Ministry of Postal Services told the Senate Standing Committee on Postal Services that faced a loss of Rs140 million in year 2008-2009 and this loss swelled to Rs10 billion in 2018-2019.
The committee’s chairman, Senator Mian Ateeq, observed that the situation of the Pakistan Post was no different from the Pakistan International Airlines (PIA) – the national flag carrier – which has been facing huge losses since over a decade.
Postal Life corporatised on demand of FATF
The committee expressed anger over absence of both the Minister of Postal Services Murad Saeed as well as Postal Service secretary and announced to take this matter up with Senate Chairman Sadiq Sanjrani.
Explaining causes of the loss faced by the organisation, the ministry said increase in pay, allowances and pension benefits was a major contributor to widening gap between expenditure and revenue.
They said the Finance Division had decreased the rate of post office commission in Savings Bank Scheme from 1.56 per cent to 0.50 per cent in October, 2010 which reduced the receipts of the department.
Mian Ateeq recommended that the operating expenditure against income must be added as well. While reviewing recruitment discrepancies during previous regimes, the committee recommended that Pakistan Post must focus on figures.
(With additional input from APP)
The Pakistan Post, the official postal service of the country, has faced a loss of Rs61 billion in the last 10 years, a parliamentary panel was told on Friday.
Presenting statistics with regard to performance of the organisation, the Ministry of Postal Services told the Senate Standing Committee on Postal Services that faced a loss of Rs140 million in year 2008-2009 and this loss swelled to Rs10 billion in 2018-2019.
The committee’s chairman, Senator Mian Ateeq, observed that the situation of the Pakistan Post was no different from the Pakistan International Airlines (PIA) – the national flag carrier – which has been facing huge losses since over a decade.
Postal Life corporatised on demand of FATF
The committee expressed anger over absence of both the Minister of Postal Services Murad Saeed as well as Postal Service secretary and announced to take this matter up with Senate Chairman Sadiq Sanjrani.
Explaining causes of the loss faced by the organisation, the ministry said increase in pay, allowances and pension benefits was a major contributor to widening gap between expenditure and revenue.
They said the Finance Division had decreased the rate of post office commission in Savings Bank Scheme from 1.56 per cent to 0.50 per cent in October, 2010 which reduced the receipts of the department.
Mian Ateeq recommended that the operating expenditure against income must be added as well. While reviewing recruitment discrepancies during previous regimes, the committee recommended that Pakistan Post must focus on figures.
(With additional input from APP)