The federal government announced the closure of all utility stores across the country, citing persistent financial losses despite multiple efforts to revive the organization.
Addressing a press conference in Islamabad on Sunday, Minister for Parliamentary Affairs Tariq Fazal Chaudhry said the decision was taken on the prime minister’s directives, and the stores will be shut down from August 31. Senior officials of the Utility Stores Corporation (USC) were also present at the briefing.
“The Utility Stores Corporation has played a significant role in the national economy since its establishment in 1971,” the minister said. “Despite continuous efforts, we failed to reduce the losses of the corporation, and therefore, it had to be closed down,” he added.
The minister revealed that USC currently employs 11,614 workers, who will receive a Rs28 billion severance package. “The rights of employees have been fully safeguarded, and even contractual staff will be compensated,” he added.
The minister further announced that all USC assets nationwide will be auctioned, ensuring transparency in the process.
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