KARACHI, Nov 13: More than 348 employees of the National Development Finance Corporation (NDFC), that has been merged with the National Bank recently, have demanded that they also be absorbed in the bank.

At a press conference at Karachi Press Club on Tuesday, representatives of the NDFC Employees Action Committee said if this was not possible, then they be given their dues according to Rs1.9 billion severance scheme that was prepared by the NDFC management and was also backed by the State Bank.

They said the original Rs1.9 billion severance scheme was sent to the federal ministry of finance for approval. The ministry, after effecting an eight per cent (Rs170 million) cut, approved a Rs1.7 billion scheme.

They said though the NDFC had nearly 800 employees, the cut was affecting only 348 low-grade employees — comprising 276 confirmed employees and 72 contract workers.

They said out of these 276 confirmed employees, 61 employees who had put in service of less than five years were the worst sufferers. A comparatively less loss was being faced by the rest of the 215 employees.

They said the NDFC had failed due to wrong policies of its higher management but that had not been touched and the low-grade employees, who had nothing to do with the policy-making, were being made to suffer.

They demanded that all the employees be given similar benefits and facilities such as benevolent fund, medical facilities, etc. They said while hundreds of employees were being seriously affected three high officials were being given “undue” financial benefits.

They demanded that either they be absorbed in the bank or be given their dues according to the original package prepared under the Rs1.9 billion severance scheme.

Action committee representatives Syed Mujtaba Ali Mohsin, Saeedur Rahman, Shoa-un-Nabi of the National Labour Federation and a former senator from Balochistan, Mir Abdul Rahim Mirdadkhel, also spoke.