Utility Stores not to be shut, Senate told
"The government is only closing non-profitable USC stores which were established at needless locations," Hussain told the upper house on Friday.
The minister, however, admitted that there are proposals under consideration to restructure, privatize or run the affairs of the USC on a public-private partnership basis "with the consultation of allied parties".
He said the government provides a subsidy of Rs50 billion to the USC to facilitate the public to provide cheaper daily used items.
Last year the government had provided an amount of Rs17 billion to the USC under the Ramazan relief package. However, he said, the amount was not used properly to facilitate the people.
He said the federal government has now increased the Ramazan package to Rs20 billion this year.
Hussain claimed that the country is moving in
the right direction "under the dynamic leadership" of Prime Minister Shehbaz Sharif.
"Pakistan's position has been strengthened at the global level and the trust of international financial institutions and big powers shows that the economic policies of the government are correct," he said.
A report published in The Express Tribune on February 16 revealed that the government had decided to lay off daily wage employees of the USC as part of its "rightsizing" policy
The move, which will affect an estimated 2,500 to 2,600 workers, was approved earlier by the USC board of directors.
According to sources, directives for terminating employees had already been issued by the respective zonal offices, signalling the start of the downsizing process.
The layoffs are in line with the government's broader policy of rationalising the workforce and reducing expenses. The decision comes as part of ongoing restructuring efforts within the USC, which has been under financial strain.
Meanwhile, Federal Minister for Law Azam Nazeer Tarar told the house that peaceful protest is a fundamental right of every citizen but it must take place within the parameters set by the law.
The minister was responding to the concerns raised by Senator Sherry Rehman with regard to use of force against protesting government employees.
Tarar said disruptions were caused by protesters at the Pakistan Secretariat, a crucial institution that serves citizens from all regions of the country, including the remote areas of Balochistan, Khyber Pakhtunkhwa, Sindh, and Punjab.
He said such disturbances impede the delivery of public services. The secretariat, he said, should not be held hostage by these actions.
The minister also mentioned that the prime minister had instructed relevant officials to hold talks with the protesters to address their concerns and find resolutions.
"The finance minister is actively involved in negotiations with the protesting employees, and the government is committed to meeting their legitimate demands," he said.
Tarar noted that the PM has assured that any employees offered early retirement or placed in the surplus pool will have their rights fully protected.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
13 hours ago
- Business Recorder
Concern expressed over decline in cotton productivity
ISLAMABAD: The Ministry of National Food Security and Research has expressed concern over the decline in cotton productivity in recent years and emphasised the need for a coordinated and targeted strategy to address the structural challenges facing the crop. Federal Minister for National Food Security and Research Rana Tanveer Hussain chaired a high-level meeting on Friday to review and accelerate efforts for increasing cotton yield across the country. The meeting brought together senior officials of the ministry, representatives from provincial agriculture departments, research experts, and key stakeholders from the cotton-growing regions. The minister said that cotton is a vital crop for Pakistan's agriculture sector and the backbone of the country's textile industry. He expressed concern over the decline in cotton productivity in recent years and emphasised the need for a coordinated and targeted strategy to address the structural challenges facing the crop. He reaffirmed the government's commitment to reviving cotton production through farmer-focused interventions, research-driven solutions, and improved service delivery in the agriculture sector. The minister stressed that enhancing cotton yield is essential not only for the sustainability of the textile value chain but also for improving the livelihoods of farmers and boosting rural incomes. He emphasised the timely provision of quality inputs such as certified seed and pesticides, improved pest control methods, adoption of climate-resilient farming techniques, and farmer awareness through strengthened extension services. He also directed relevant departments to expedite policy measures and technological innovations that could help bridge the yield gap and ensure better returns for cotton growers. During the meeting, various proposals were reviewed to improve crop management and field practices. The participants exchanged views on the current status of cotton cultivation and discussed practical steps to tackle production constraints. It was decided that a comprehensive action plan would be finalised in close coordination with the provinces to ensure effective implementation ahead of the next sowing season. Hussain stated that cotton remains a strategic crop for Pakistan, and its development requires urgent attention from all tiers of government. He underlined the importance of institutional collaboration, efficient resource utilisation, and market linkage strategies to ensure long-term sustainability and profitability in the cotton sector. Copyright Business Recorder, 2025
Business Recorder
13 hours ago
- Business Recorder
Weekly SPI inflation up 0.73pc
ISLAMABAD: The Sensitive Price Index-based inflation for the week ended on July 03, 2025 has registered an increase of 0.73percent owing to an increase in the prices of chicken 13.05percent, onions 11.62percent, tomatoes 11.09percent, garlic 5.40percent, diesel 3.94percent, potatoes 3.58percent, petrol 3.22percent, sugar 1.27percent, cooked daal 0.60percent, gur 0.41percent, curd 0.37percent and powdered milk 0.29percent, revealed SPI data released here on Friday by Pakistan Bureau of Statistics (PBS). While the PBS reported a decrease of 2.06 percent on YoY basis in the SPI owing to a reduction in the prices of tomatoes 61.42percent, onions 53.71percent, electricity charges for Q1 37.62percent, garlic 24.29percent, wheat flour 23.62percent, maash 20.27percent, tea Lipton 17.93percent, potatoes 16.06percent, masoor 8.43percent, rice irri-6/9 4.23percent, chillies powder 3.97percent and bread 1.72percent. The PBS on Year-on-Year (YoY) depicted an increase in the prices of ladies sandal 55.62percent, sugar 27.78percent, moong 20.59percent, powdered milk 16.01percent, beef 15.45percent, vegetable ghee 2.5kg 12.73percent, vegetable ghee 1kg 12.34percent, gur 11.44percent, firewood 10.70percent, lawn 10.51percent, cooked daal 9.25percent and cooked beef 8.57percent. On the other hand, on WoW basis, according to PBS a reduction in the prices of the following commodities was observed: Liquefied Petroleum Gas (LPG) price went down by 8.53percent, bananas 3.36percent, eggs 0.59percent, mustard oil 0.37percent, moong 0.30percent and pulse gram 0.29percent. During the week, out of 51 items, prices of 18 items which is 35.29percent of the basket witnessed an increase, while six items which is 11.77percent posted reduction and 27 items which is 52.94percent of the basket remained stable. The SPI for consumption group of Rs17,732 with an increase of 0.74percent went up from 299.39 to 301.6 points. The SPI for consumption groups of Rs17,732 to 22,888 with an increase of 0.80percent was recorded at 297.63 against previous week's calculation of 295.28, the SPI for the income group Rs22,889-29,517 with an increase of 0.72 percent was recorded at 321.87 points against previous week's recording of 319.56 points, the SPI for the income group Rs29,518-44,175 with an increase of 0.76percent was recorded at 312.40 points against previous week's reading of 310.03 and SPI for the monthly income group above Rs44,175 registered an increase of 0.70percent was recorded at 315.02 points against 312.83 points of the previous week calculation. Copyright Business Recorder, 2025
Express Tribune
2 days ago
- Express Tribune
Govt starts taxing all bank transactions
At high tax rates, profit margins for sellers decrease, leaving them with options to pass on the burden to consumers, compromise on the quality of products, evade taxes or find cheaper illicit goods. photo: file Listen to article The federal government has started collecting taxes on all types of bank transactions for both filers and non-filers from July 1. The government has increased the tax rate for non-filers on cash withdrawals from banks, while filers are also subject to withholding tax for withdrawals exceeding Rs50,000 per day. According to the new tax regime, filers will be charged 0.3% tax on withdrawals exceeding Rs50,000 per day, while non-filers will be charged 0.6%. Furthermore, banks have increased their charges, including ATM card fees, SMS alert fees, and fees for using other banks' ATMs. These additional charges have led to disputes between bank customers and staff, with many expressing frustration over the increased costs. As the banks revised their schedule of charges effective July 1, customers are facing double the burden in respect to increased costs. The ATM usage fee for other banks' customers has been revised from Rs18 to Rs34 per transaction. Additionally, the ATM card fee has been increased by Rs700, and the SMS alert service fee has been hiked from Rs1,200 to Rs2,000, a rise of Rs800. Non-filers will also face a deduction of Rs522 for cash withdrawals of Rs20,000 or more through a cheque. Furthermore, banks have set daily withdrawal limits for ATM users, with standard debit card holders able to withdraw up to Rs25,000 to Rs50,000 per day, premium card holders up to Rs500,000 per day, and foreign debit card holders the equivalent of $200 to $500 per day. The tax deduction will be automatic for transactions exceeding Rs50,000 per day. In addition to the existing charges, banks will now deduct fees for international ATM transactions based on either the exchange rate or a fixed fee set by the bank. The disputes have prompted banks to approach 1Link for revising the schedule of charges. Banks claim that these changes will impact banking transactions and promote a cash economy. The increased charges and tax rates have sparked frustration among bank customers, leading to a rise in conflicts with bank staff.
