ISLAMABAD, Nov 2: The Privatization Commission has so far paid Rs6.1 billion to 30,900 workers of privatized units under the golden handshake (GHS) and voluntary separation scheme (VSS).

Dr Abdul Hafeez Shaikh, the federal minister for Privatization and Investment, said this while addressing a public meeting held at Dandot (Khewra) for payment of decade-old GHS/VSS claims of workers of the National Cement Industries.

Dr Shaikh said that the government was conscious of workers' rights and was fully committed to safeguarding them while privatizing the public sector entities. Under an agreement, he said, the government has ensured the payment of the golden handshake benefits to workers who opted for retirement, protection of service for 12 months and sale of 10 per cent shares at a discounted rate to employees who did not opt for the GHS.

The minister said that 244 employees of the National Cement Industries, Dandot, had been paid GHS/VSS amounting to Rs56.65 million. The matter had remained unresolved for 10 years. He said that 276 workers of another privatized unit, Suraj Ghee Industries, Sheikhupura would be paid Rs22.10 million as the GHS by next week.

The minister said that 1,449 workers of Kohat Cement, Gharibwal Cement, Dandot Cement and Ittehad Chemicals, who did not opt for the GHS/VSS had been offered 10 per cent shares of these entities at 50 per cent discount which would empower the workers to sit on the boards and in case they decided to sell these shares at market rate, their benefit would be Rs75.5 million because these shares were sold at 50 per cent discount.

Dr Shaikh said that in order to solve the problem of unemployment it was imperative to create an environment of collective efforts by the government, workers and investors as the private sector had the solution to the problem by generating employment.

The minister said the process of initial public offering (IPO) of public sector entities was aimed at providing benefit to the common citizen under the slogan "Privatization for the People".

After Ramazan, the IPO of Kot Adu Power Company shares would be launched, which would be followed by the State Life Insurance Company, United Bank and Pakistan Steel Mills.

Chaudhary Shehbaz Husain, the federal minister for Population Welfare, Nazar Hussain Gondal, provincial parliamentary secretary for education and District Nazim Farrukh Altaf also distributed GHS cheques.