LAHORE, Punjab: The Punjab Small Industries Corporation (PSIC) has approved two new pension schemes for employees and will seek a Rs2.5 billion loan from the Punjab government to fund related pension liabilities.
The decision formed part of a wider pension reform package approved at a PSIC board meeting.
The board also approved a schedule for the auction of unused PSIC properties as part of decisions covering financial, administrative and employee-related matters.
Separately, PSIC approved a relief package for eligible allottees of cancelled plots at the Sundar-II Small Industrial Estate.
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Under the package, qualifying allottees will receive a 20% discount on their total outstanding dues.
Recipients of the relief must complete construction of their factories within six months and begin regular production within two years.
The board also endorsed the minutes of its previous meeting and cleared pending administrative matters.
