The PIA privatization pension plan has become important as Pakistan International Airlines moves toward privatization. The government plans to sell a majority share of PIA to private investors to improve services and reduce losses. The bidding process will take place on December 23 and will be shown live on television.
Four consortiums are taking part in the bidding. They have held meetings with PIA’s senior management, including finance and HR officials. These groups have received full records of PIA employees, retired staff, aircraft, flight routes, and operational data. PIA currently has 34 aircraft and operates more than 90 local and international routes.
A major decision under the PIA privatization pension plan is that retired employees’ pensions will remain the government’s responsibility. The buyer of PIA will not be required to pay pensions or past retirement benefits. This step has been taken to protect retirees and make the deal more attractive to investors.
With pension issues resolved and records shared, privatization is at its last stages, and a decision will be made soon.
