PTCL BESOS Trust Formed

A delegation of CBA workers union of Pakistan Telecommunication Company Limited (PTCL) led by the Secretary General Lala Muhammad Hanif held a meeting with the Federal Minister for Privatization Senator Waqar Ahmed Khan.

The PTCL CBA Workers Union gave three names of their office bearers for the establishment of PTCL Benazir Employees Stock Option Scheme (BESOS) Trust. The names include Mr. Muhammad Waseem Minhas Senior Vice President, Mr. Muhammad Iqbal Senior Vice President-2 and Sardar Aurangzeb Vice President. The Privatisation Commission (PC) formed the PTCL UFONE BESOS Trust and got it registered today.

The delegation termed the free of cost distribution of 12 % GoP shares under Benazir Employees Stock Option Scheme (BESOS) as a ‘revolutionary step’ of the present government and expressed that the sense of ownership in the company would make them more responsible to work uninterruptedly and make the entity more profitable as the recipients of shares unit certificate would also be eligible to get due dividend.

The delegation expressed their gratitude to Senator Waqar Ahmed Khan for extending his cooperation for the implementation of the scheme and assured the Minister that the scheme would improve the relations between the management and the employees in the larger interest of the company and the nation.

Senator Waqar Ahmed Khan said the BESOS scheme approved by the Federal Cabinet covers employees of 80 State Owned Entities (SOEs), which has been envisaged in accordance with the vision of Shaheed Mohtarma Benazir Bhutto – who always attached great importance to the uplift and empowerment of the workers. The President Asif Ali Zardari and the Prime Minister Yousaf Raza Gilani also are determined to make the workers as owners of their respective entities, he added.

The Minister directed the Privatisation Commission (PC) officials to get the PTCL and other entities “trust” registered at the earliest to transmit the benefits of the scheme to the workers without any further delay. So far, 39 BESOS Trusts have been registered under BESOS. The establishment of BESOS Trust in Pakistan Steel Mills Corporation (PSMC) and Pakistan Steel Fabrication (PSF) are at final stage while Trusts in the remaining organisations are under process.