The Economic Coordination Committee (ECC) sanctioned a severance package amounting to Rs4.188 billion for employees of the Pakistan Agricultural Storage and Services Corporation (PASSCO) during its meeting held in Islamabad on Thursday.
This approved fund is designated to settle compensation and terminal benefits for eligible PASSCO staff members. The session was chaired by Federal Finance Minister Muhammad Aurangzeb, who also endorsed key proposals concerning food security and reforms in the public sector.
In a significant development, the ECC authorized the auction of 8,197.989 metric tonnes of wheat from PASSCO’s stocks that were damaged by recent floods. The wheat will be sold through an open market process that ensures transparency and competitiveness, with oversight by a third-party validator.
Meanwhile, the committee recommended that Quaid-i-Azam University appoint independent economic experts to assist in formulating its financial plan. Additionally, the ECC approved amendments to the Import Policy Order 2022, incorporating a definition of forced labour to align the policy with international labour conventions.
