Although multinationals campaign for free hiring and firing rights, they implemented the upward wage revision promptly.
PAKISTANI businesses perceive trade unions as a drag on growth, a redundant institution led by hooligans known for blackmailing the management, a legal burden impinging on their freedom, a regressive force against technological advancement and a tool in the hands of hostile political entities.
Experts warn of adverse consequences if trade unions are deprived of their role in growth and exports. They believe vibrant labour bodies are crucial for the defence of democracy and extending its gains.
“The world is watching. If the stories of the workers’ exploitation start spilling on social media, perpetrators will be dumped by their global suppliers and clients in the West. Besides, it’s stupid to dare the desperate,” a minder of labour affairs said privately.
Expert suggests electricity market similar to PSX
Says it can resolve circular debt issue within an hour
KARACHI:
In a bid to resolve the daunting circular debt issue, businessmen have recommended the government to introduce an electricity market similar to the stock exchange where small investors could play their role.
Pakistan’s circular debt has ballooned to over Rs2 trillion and the government has to repay it. “Pakistan should set up electricity markets like the Pakistan Stock Exchange (PSX) where companies could get registered and raise financing through shares,” said Employers’ Federation of Pakistan (EFP) President Ismail Suttar while talking to The Express Tribune.
Ghani Global Holdings Limited a company listed in the ‘’Glass and Ceramics” sector of the Pakistan Stock Exchange (PSX) informed the investors last week that the apex regulator Securities and Exchange Commission of Pakistan (SECP) had approved the Company’s Employee Stock Option Scheme (ESOS). The company said it was allowed to issue shares of Rs10 each representing 15 per cent of its outstanding share capital to its eligible employees under ESOS, 2020, by way of other than right offer.
It raised eyebrows for the concept of ESOS, though fairly normal in the developed world, has forever been avoided by the country’s corporate sector. Discussions with senior officials at several entities revealed that many were not fully familiar with the concept and only a handful could tell the difference between ESOS and the Employees Share Ownership Plan (ESOP).
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