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|Wednesday, May 30, 2001, updated at 09:22(GMT+8)|
PIA Cutting 4,000 JobsThe management of Pakistan International Airlines (PIA) has decided to enforce a massive retrenchment in the airlines, close aides of Managing Director Chaudhry Ahmed Saeed disclosed to The News.
According to the plan, retrenchment figure is around 3,500 to 4,000. The plan includes daily wage workers, contractual, regular and unionised workers and officers at all levels. As a first step, the management is reducing the outstation workforce by 60 per cent.
According to an estimate, the airlines would save more than Rs 750 million per year as a result of the downsizing. At present the airlines is facing the worst financial crisis of its history. The management is unable to pay the dues of oil companies providing fuel to the airlines abroad. In a rush, the management has managed a short-term loan from Citibank to pay the immediate liabilities. "There is immense requirement of pumping around four billion rupees in the airlines for its survival," an official of the PIA said.
To make a turnaround, the management has prepared a contingency plan that would be placed before Chief Executive General Pervez Musharraf for final approval. Retrenchment is an important part of this contingency plan. The presentation to the chief executive is scheduled in the first week of June.
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