The Punjab Small Industries Corporation (PSIC) has approved the introduction of two new pension schemes for its employees as part of a broader package of pension reforms.
According to details of a key PSIC board meeting, the corporation will seek a loan of Rs.2.5 billion from the Punjab government to finance the required pension liabilities.
The meeting also approved a schedule for auctioning the corporation’s unused properties, alongside several measures aimed at providing relief to industrialists and employees.
The board approved a relief package for allottees of cancelled plots at the ‘Sundar-II’ Small Industrial Estate.
Under the package, eligible allottees will receive a special 20 per cent discount on their total outstanding dues.
Those benefiting from the relief will be required to complete construction of their factories within six months. They must also begin regular production within two years.
The board also endorsed the minutes of its previous meeting and approved all pending administrative matters.
