The Board of Directors of Pakistan International Airlines (PIA) on Friday gave principle approval for cadre-wise salary adjustments for its employees.
According to statement released by the PIA spokesperson, the decision was made in response to rising inflation.
“The last salary increase for PIA employees was made four years ago, after which the rising inflation rate has severely affected their living conditions,” the spokesperson said.
The official added that the salary increase will help retain experienced personnel within the organization.
“The total number of PIA employees has fallen below 7,000, and continues to decline rapidly,” the spokesperson added.
Cash-strapped Pakistan was looking to offload a 51-100% stake in debt-ridden PIA, part of an effort to raise funds and reform state-owned enterprises as envisaged under a $7 billion International Monetary Fund programme.
In November last year, the government rejected the sole bid for a stake in national carrier Pakistan International Airlines (PIA), the privitisation ministry said in a statement on Wednesday.
The Blue World Consortium had submitted the only bid for a 60% stake in PIA, offering Rs10 billion against the Privatization Commission’s minimum price of Rs85 billion.
As a result, the government now plans to start a fresh process for PIA sell-off.
Days ago, the Privatisation Commission (PC) said that it is “fully prepared” for the second attempt at the Pakistan International Airlines’ (PIA) sell-off, with “several returning bidders and parties participating in the process”.