The Government Of Pakistan Was Chooses To Sell The Pakistan Air Force, Specifically The PIA Engineering Unit | Pakistan’s News 05:30 PM

The Government Of Pakistan Was Chooses To Sell The Pakistan Air Force, Specifically The PIA Engineering Unit.

• Pakistan’s News

• Decision Overview
  • For Rs 6.5 billion, the federal government has agreed to sell the Air Force of Pakistan the engineering division of PIA.
    The government’s cabinet will be given a summary of this decision.
• Valuation and Liabilities
  • The Precision Engineering Complex (PEC) is valued at Rs 6.5 billion.
  • This includes Rs 4 billion in pension-related liabilities for current and retired employees.

• Payment Plan by Pakistan Air Force
  • The Pakistan Air Force will:
    • Over the following five years, make a cash payment of Rs 2.5 billion.
    • Cover Rs 3 billion in pension and provident fund liabilities for 259 employees retiring in the next decade.
    • Take responsibility for Rs 1.1 billion in estimated pension and provident fund liabilities of 251 current employees.
• Role of PEC
  • The national airline’s PEC division specializes in producing high-precision components for the military and other sectors.
• Approval Process
  • The handover of PEC to the Pakistan Air Force, which will cost Rs 6.5 billion in total, was initially approved by a presidential commission.