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Govt enforces monetisation policy, ceases complimentary electricity for officials

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1 year ago

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  • Officers will receive monetary compensation instead.
  • CCoE decided regarding monetisation policy on Oct 26.
  • Grade 21 officers will receive Rs55,536/month.

ISLAMABAD: The federal government has decided to discontinue the provision of complimentary electricity units to officers of Grade 17 and above in power-related companies as of December 1, The News reported on Wednesday.

These officers will now only receive monetary compensation through their salaries instead.

The decision was made by the Cabinet Committee on Energy (CCoE) on October 26, 2023, and was subsequently approved by the federal cabinet. The Energy Ministry (Power Division) officially communicated the implementation of this resolution on Tuesday.

The move, titled “Monetisation of Free Electricity Units Admissible to Employees of WAPDA and XWAPDA Companies (DISCOs), power generation companies (GENCOs), National Transmission and Despatch Company (NTDC), and Power Information Technology Company (PITC),” mandates all in-service employees in Grade-17 and above to pay their electricity bills issued by the respective DISCOs. The reference numbers for these bills are already available with the DISCOs.

Details of the revised compensation for Grade 17 to Grade 21 officers in WAPDA, DISCOs, NTDC, and PITC indicate that Grade 17 officers, formerly receiving 450 free units monthly, will now receive Rs15,858 per month. Grade 18 officers, instead of the previous 600 free units, will now receive Rs21,996 per month.

Compensation for Grade 19 officers, in place of 880 free units, will be Rs37,594/month. Grade 20 officers will now receive Rs46,992/month instead of the earlier 1,100 free units, while Grade 21 officers will be compensated Rs55,536/month instead of the previous 1,300 free units monthly.

For officers attached to generation companies (GENCOs) and power generation stations, Grade-17 officers will receive Rs24,570 per month instead of 650 free units.

Grade 18 officers will be given Rs26,460/month instead of 700 free units, and Grade 19 officers will receive Rs42,720/month instead of the earlier 1,000 free units. Grade 20 officers will be compensated Rs46,992/month instead of the previous 1,100 units, and Grade 21 officers will receive Rs55,536/month instead of the earlier 1,300 free units.

The initial proposal did not include WAPDA employees, but after discussions held at a meeting in the Prime Minister’s Office on August 27, 2023, and attended by the chairman WAPDA, they have now been incorporated into the revised arrangement.

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Trade ties between Pak-Oman: Both nations decide to activate “Joint Business Council”.

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3 days ago

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Jam Kamal Khan, federal minister for commerce, visited Oman Chamber of Commerce and Industry in Muscat alongside chairman Faisal Abdullah Al Rawas.

To enable closer economic collaboration, both sides decided during the meeting to activate joint Business Council between OCCI and the federation of Pakistan Chambers of Commerce and industry.

Concurrent with the conference, the Embassy of Pakistan arranged a b2b networking event in association with OCCI to gather Omani Businessmen and Pakistani Business Delegates investigating trade prospects.

Speaking on the occasion, Jam Kamal Khan said, “Our present trade figures do not fairly represent the depth of our connection. We can quickly raise the current Trade volume to two or three times its present level by just eliminating logistical and communication barriers.

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Despite economic gains, PSX remains strong.

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3 days ago

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Amidst the ongoing negotiations with the International Monetary Fund (IMF) regarding a loan tranche, the Pakistan Stock Exchange (PSX) has resumed its upward trajectory in recent days.

The KSE-100 Index gained 600 points on Friday, the penultimate working day of the business week, and then increased to 115,730 points as traders showed confidence and engaged in trading.

After experiencing fluctuations, the PSX gained strength on Thursday, as the major index surpassed 115,000 points.

The KSE 100-Index closed at 115,094.23 points after gaining 1,009.70 points, or 0.89 percent. 115,247.39 was the intraday high, and 14,429.93 was the lowest.

According to experts, one important factor is Moody’s Ratings’ upgrade of Pakistani banks. Investor confidence has also increased due to the expectation of a positive conclusion from the negotiations with the International Monetary Fund (IMF).

In its assessment, Moody’s stated, “We have shifted our outlook on Pakistan’s banking system from stable to positive to reflect the banks’ resilient financial performance as well as improving macroeconomic conditions from very weak levels a year ago.”

The major index of the Pakistan Stock Exchange (PSX) surpassed 115,000 on Thursday, indicating a surge in the market.

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Pakistan resolves to meet benchmarks, and the IMF promises economic help.

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In the midst of an ongoing economic review, the delegation from the International Monetary Fund (IMF) has promised Pakistan economic cooperation.

In order to assess the delivery of a $1 billion tranche under the $7 billion rescue deal, IMF officials are now in Pakistan.

Today, March 14, marks the completion of the two-week-long economic review and negotiations between the global lender’s representatives and Pakistani authorities.

The team met with Finance Minister Muhammad Aurangzeb at the Ministry of Finance for the last round of negotiations.

The nation’s economic team’s actions and performance were praised by the visiting officials.

Aurangzeb promised the IMF during the conference that all economic goals would be met. He said that as long as the loan program is in place, no goals would be broken.

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