Connect with us

Business

Govt enforces monetisation policy, ceases complimentary electricity for officials

Published

on

  • Officers will receive monetary compensation instead.
  • CCoE decided regarding monetisation policy on Oct 26.
  • Grade 21 officers will receive Rs55,536/month.

ISLAMABAD: The federal government has decided to discontinue the provision of complimentary electricity units to officers of Grade 17 and above in power-related companies as of December 1, The News reported on Wednesday.

These officers will now only receive monetary compensation through their salaries instead.

The decision was made by the Cabinet Committee on Energy (CCoE) on October 26, 2023, and was subsequently approved by the federal cabinet. The Energy Ministry (Power Division) officially communicated the implementation of this resolution on Tuesday.

The move, titled “Monetisation of Free Electricity Units Admissible to Employees of WAPDA and XWAPDA Companies (DISCOs), power generation companies (GENCOs), National Transmission and Despatch Company (NTDC), and Power Information Technology Company (PITC),” mandates all in-service employees in Grade-17 and above to pay their electricity bills issued by the respective DISCOs. The reference numbers for these bills are already available with the DISCOs.

Details of the revised compensation for Grade 17 to Grade 21 officers in WAPDA, DISCOs, NTDC, and PITC indicate that Grade 17 officers, formerly receiving 450 free units monthly, will now receive Rs15,858 per month. Grade 18 officers, instead of the previous 600 free units, will now receive Rs21,996 per month.

Compensation for Grade 19 officers, in place of 880 free units, will be Rs37,594/month. Grade 20 officers will now receive Rs46,992/month instead of the earlier 1,100 free units, while Grade 21 officers will be compensated Rs55,536/month instead of the previous 1,300 free units monthly.

For officers attached to generation companies (GENCOs) and power generation stations, Grade-17 officers will receive Rs24,570 per month instead of 650 free units.

Grade 18 officers will be given Rs26,460/month instead of 700 free units, and Grade 19 officers will receive Rs42,720/month instead of the earlier 1,000 free units. Grade 20 officers will be compensated Rs46,992/month instead of the previous 1,100 units, and Grade 21 officers will receive Rs55,536/month instead of the earlier 1,300 free units.

The initial proposal did not include WAPDA employees, but after discussions held at a meeting in the Prime Minister’s Office on August 27, 2023, and attended by the chairman WAPDA, they have now been incorporated into the revised arrangement.

Business

April FDI in Pakistan increased to $358.8 million, according to SBP

Published

on

By

The inflow for April was $358.8 million, up 177% from $132 million in April FY23. Still, that was 39% more than the $258 million from March.

China was the largest investor, with $439.3 million in FDI from the nation between July and April of FY24—the greatest amount—as opposed to $604 million during the same period of FY23. In April, China accounted for $177 million of the total investment.

With $51.93 and 51.89 million invested in Pakistan, the United Arab Emirates and Canada came in second and third, respectively.

The power industry was the main draw for foreign investors in FY24, which ran from July to April. This period’s FDI in the power industry was $637.5 million, compared to $776.2 million the previous year. From $338 million to $460 million this year, Hydel Power garnered more attention.

Continue reading: In FY23–24, Pakistan’s per capita income increased to $1680.

According to a separate data released on Wednesday, Pakistanis’ per capita income increased to $1680 in FY2023–2024.

The size of the national economy grew from $341 billion to $375 billion in the current fiscal year, according to figures made public by PBS.

Throughout this fiscal year, Pakistanis’ yearly per capita income increased by Rs 90,534; the monthly rise was Rs 7,544.

Continue Reading

Business

OGRA forbids the purchase or sale of inferior LPG cylinders.

Published

on

By

The 313 LPG marketing and 19 cylinder-producing companies received notices from the OGRA, which described the act of refilling inferior LPGO cylinders as harmful.

Avoid supplying LPG to unlicensed distributors, the OGRA has cautioned LPG marketing companies. Only approved distributors will be able to sell and buy LPG going forward, per the notification, which states that new SOPs have been developed for the LPG industry.

Additionally, the warning said that the decision was made in an effort to preserve both lives and the business in response to an increase in cylinder blast occurrences.

Price reductions of Rs 20 per kilogramme for liquefied petroleum gas (LPG) were implemented in Quetta on May 3.

There is a reduction of Rs 20 on LPG prices, which means that the price per kilogramme drops from Rs 280 to Rs 260.

The costs of LPG were reduced by Rs 20 per kilogramme earlier, bringing the total decrease to Rs 40 per kilogramme over a few weeks. This is something worth noticing.

Continue Reading

Business

PIA announces a significant student discount.

Published

on

By

According to an airline spokesman, the national flag carrier has recently raised the baggage allowance to 60 kg.

Currently, PIA flies one flight per week on Sundays between Islamabad and Beijing.

The discount may be useful to students who intend to spend their summer vacations in Pakistan or who wish to return home after earning their degrees.

Before, students who wanted to visit China could now receive a 27% reduction on their fares through PIA.

On Eid ul Fitr, the national flag airline also reduced the cost of domestic flights by 20% for both economy and executive economy classes.

Continue Reading

Trending