Latest news with #VSS
Business Recorder
01-08-2025
- Business
- Business Recorder
VSS being readied: USC shutdown decision is final, NA panel told
ISLAMABAD: The Ministry of Industries and Production (MoI&P) on Thursday announced that the government has made a final decision to shut down Utility Stores Corporation (USC). However, a Voluntary Separation Scheme (VSS) is currently being prepared by a committee headed by Finance Minister Senator Muhammad Aurangzeb. While testifying before the National Assembly Standing Committee on Industries and Production — chaired by Syed Hafeezuddin — Secretary for Industries and Production, Saif Anjum stated that the USC's business model relied entirely on government subsidies. The government has been providing Rs 7.8 billion annually to keep the utility stores operational. According to Anjum, USC lacks both the capital to purchase essential goods and the resources to pay its employees' salaries. The Committee strongly criticized the ministry's decision, arguing that the closure of USC will leave thousands of regular, contractual, and daily-wage employees jobless, potentially leading to severe economic hardship for many. Committee members, particularly those from Sindh, expressed concern that the government has failed to uphold promises made in Parliament and during prior Committee meetings. Several members insisted that contractual and daily-wage workers should also be included in the VSS so they may receive some financial support. The Chairman of the Standing Committee emphasized that its recommendations must not be taken lightly. He announced plans to convene a special meeting on USC, in which the Finance Minister, who also chairs the VSS Committee, will be summoned. Pakistan Steel Mills (PSM): Regarding PSM, Secretary Anjum informed the Committee that Russian experts are conducting a feasibility study on the mill's revival at no cost to Pakistan. He noted that the gas supply to PSM's blast furnace was abruptly discontinued, causing a large accumulation of frozen iron ore. The feasibility study will determine whether the government should remove the frozen iron ore—estimated to cost $400 million—or install a new blast furnace, which would cost around $1 billion. Anjum highlighted the importance of reviving PSM, pointing out that Pakistan imports steel products worth $3.5 billion annually. He added that issues related to gas and water supply in the PSM residential colonies have been resolved with the support of the Chief Minister of Sindh. Electric Vehicle Policy: Anjum also informed the Committee that the Federal Cabinet approved the Electric Vehicle Policy Standards and Regulations in its meeting on July 30, 2025. These regulations are expected to be presented to the National Assembly for further discussion. Copyright Business Recorder, 2025
New Straits Times
29-07-2025
- Business
- New Straits Times
PTPTN offers repayment lifeline amid rising costs
KUALA LUMPUR: Faced with rising living costs and mounting financial commitments, many borrowers are finding relief through the National Higher Education Fund Corporation (PTPTN) loan restructuring initiative. For financial officer Suhazlin Shahrul Anuar, 36, who took out an RM16,950 loan in 2007 when studying at Politeknik Johor Baru, restructuring her loan early last year was a turning point in managing her finances. "Previously, I was paying around RM180 a month. After I took a housing loan, I just couldn't keep up with the full amount." Her new repayment schedule, which runs from December 2024 to June 2032, has slashed her monthly commitment to RM95.36. "It helped me reorganise my budget. I no longer worry about falling behind or seeing my name listed in the Central Credit Reference Information System (CCRIS)." Suhazlin said the restructuring allowed her to keep paying without defaulting, thanks to a direct debit arrangement she now uses. "It's not about avoiding responsibility. Restructuring made it manageable. I encourage other borrowers in similar situations to restructure too. It's better than ignoring the loan altogether." She views repaying the restructured loan as a social responsibility. "We've benefited from this fund. By paying it back, we're ensuring the next generation has the same opportunity to pursue their education." Her sentiments are echoed by Chong Suk Ting, 28, an environmental, health and safety engineer who restructured her PTPTN loan after taking part in her company's voluntary separation scheme (VSS). "I started my loan around 2021 when I was studying at Universiti Tunku Abdul Rahman. After the VSS, I reviewed my financial position and realised I couldn't keep up with the previous payment amounts." Before restructuring her loan, Chong had struggled to make consistent payments. Some months I paid RM50, some months RM100. It was inconsistent, and it affected my CCRIS report." After consulting with PTPTN officers, she managed to restructure her loan to a level she could afford. "They were helpful and guided me through it. It's a relief to know what I need to pay each month, and I no longer feel overwhelmed by the debt." Like Suhazlin, Chong sees repayment not only as a financial obligation but a moral one. "If we don't repay now, we'll still have to do it later but maybe with consequences. More importantly, other students need this money to pursue their education. "Some people think they can ignore it, but it's better to face it head-on. PTPTN has made it easier. They understood our situation and gave us a second chance to do the right things." Both Suhazlin and Chong agree that PTPTN's initiative is timely and crucial in today's economic climate. "Not every loan agency offers this kind of flexibility. It shows that PTPTN cares more about helping us borrowers than punishing us for falling behind," Suhazlin said. PTPTN introduced its loan restructuring to help borrowers who are struggling with repayment due to financial hardship. Under the #BolehBincang initiative, borrowers can revise their repayment schedule based on current income and commitments, making it easier for them to make repayments consistently and manage their finances more effectively. To initiate loan restructuring discussions and access information, download the myPTPTN app. Borrowers can also explore PTPTN's restructuring options by contacting PTPTN Careline at 03-2193 3000 or via Live Chat on the PTPTN portal at
Hindustan Times
22-07-2025
- Hindustan Times
Local trains to ramp up security cover
MUMBAI: A huge upgrade to the existing security system on Mumbai's suburban train system is in the offing. The train network ferries 6.5 million to 7 million commuters daily. Mumbai... 02 May 2012.... News... Trains on all the tracks are halted due to the technical problem between Churchgate and Marine Lines station causing half an hour delay for local trains on Western Railway in the evening on Wednesday... HT photo by Mahendra Parikh (Hindustan Times) Western Railway (WR) is to install 12,446 Video Surveillance System (VSS) CCTVs in 1,615 coaches in Mumbai, the specifications of which have been finalised. Central Railway (CR) too is at the fag end of finalising VSS for its trains. The ladies coaches and railway stations are already covered with a network of CCTVs. The VSS will cover all the coaches of AC and non-AC local trains apart from the shuttle trains that operate on the 123-km Churchgate-Dahanu suburban corridor. It will also monitor the motormen cab and train managers. Central Railway too is to install VSS inside its local trains running on the CSMT-Karjat/ Kasara/ Panvel corridors. The details are being finalised by the relevant departments. Sources in WR said that tenders for supply, installation, testing and commissioning of VSS in coaches had been called. The authorities will open the tender on August 18. 'We will finalise the contractor, after which it will probably take around eight to nine months for the work to be completed,' said a senior WR official. 'As part of this holistic security system, we will install 12,446 cameras at a cost of ₹97.30 crore, which will cover all the coaches of local and shuttle trains. We are continuously enhancing security through other steps as well at railway stations and inside local and long-distance trains.' The railway authorities, in a press note today, stated that following the July 11, 2006 Mumbai suburban serial train blasts and other subsequent threats, they had significantly overhauled their security strategy over the years. Among the steps taken were the formation of Quick Reaction Teams (QRTs) at major stations, the deployment of Bomb Detection & Disposal Squads (BDDS), increased RPF-GRP joint patrolling in sensitive areas, enhanced intelligence coordination with state and central agencies, a focus on anti-sabotage checks before peak hours and random baggage screening at high-risk stations and trains. 'There is a need to increase the number of CCTVs inside local trains,' said Rajiv Singhal, member of the Divisional Railway Users Consultative Committee, an interactive platform between railway authorities and commuters. 'At present there are beggars, transgenders and other elements who travel ticketless in local trains. The authorities should also reprimand the railway police personnel at stations, who are more busy looking at their mobile phones than keeping a watchful eye on trains and stations.' Singhal raised these points last week with the WR authorities. However, WR officials said that adequate measures had been undertaken to improve security. 'As of now, 3,048 CCTVs have been installed across suburban stations,' said the senior official. 'They have also been installed in 305 of the 451 ladies coaches in 146 local trains. There are 470 CCTVs with Face Recognition System (FRS) too. At the stations, high definition IP-based CCTVs have been installed that relay real-time video feeds to station control rooms.' Central railway authorities, while not providing exact details, said that all suburban stations had been brought under CCTV coverage, with 24/7 monitoring. 'Presently, about 4,154 CCTVs are working at suburban stations, and the demand for additional cameras is under process,' said a CR official. The Railway Protection Force dog squads also work round the clock, while there are door frame metal detectors and hand-held metal detectors at entry points of stations. However, the authorities agreed that these were not very effective during peak hours.
The Sun
21-07-2025
- Business
- The Sun
Finding soft landing amid hard times
PETALING JAYA: Azman Mohamed Asmayatim, 38, was among staff of a Malay daily who accepted a Voluntary Separation Scheme (VSS) in 2018. Little did he know, the move would set him on an unexpected entrepreneurial path. 'When the opportunity to take VSS arose at my previous workplace, I didn't have much choice as there were only two photographers at the Penang bureau. One more senior colleague turned down the offer and as a result, I had to accept it. 'My company didn't offer a lump sum payment. Instead, they paid it like a salary. Then, due to financial issues, the payments were delayed. However in 2023, they finally settled the outstanding payments,' Azman said in a phone interview with theSun. Despite the setback, Azman was determined to make the most of his situation. Equipped with a degree in photography and digital studies, he had honed his graphic design skills through freelance work while in the media industry. Having a passion for business, he started a home-based printing business designing T-shirt and personalised name stickers. 'I only took on small jobs such as schoolbook name stickers. The income was enough to sustain my small family. But when the pandemic hit, my supplier shut down, which impacted my business. To make ends meet, I worked with a vehicle insurance agent shop for a year.' Later, his former employer offered his old job back to him, but he would have to relocate to Kuala Lumpur. 'With a newborn son who needed extra care due to health issues at the time, I had no choice but to decline the offer and remain in Taiping, where my family had settled.' The economic landscape was challenging post-pandemic, with limited job opportunities. But Azman found hope through the North Corridor Economic Region (NCER), which hosted several entrepreneurial programmes. Through one of these initiatives, he secured a photography gig on a project basis. But in 2023, the NCER office near his home shut down, leaving him once again struggling to find work in Taiping. 'I was already in my mid-30s then.' As he and his wife welcomed their second child, Azman made the decision to pivot. 'I knew I had to come up with a new business plan to support my growing family.' The turning point came when he chanced upon a soy milk and tofu-making class, popularly known as 'taufufa', which cost RM220. 'I learned about the class through a friend's WhatsApp post. After thinking it over for a few days, I decided to give it a try. The one-day class taught participants how to make soy milk and tofu. 'It wasn't easy at all. I had to spend a lot of time researching and developing the right consistency of tofu that I felt confident would be marketable,' he said, adding that he attended the class in October 2024 and began making tofu at home within two weeks. His first five attempts failed, the tofu was too soft, and the texture was off. But by the sixth try, he struck gold. Now, seven months into the business, Azman runs a roadside stall in Kampung Boyan, Taiping, where his brown sugar syrup is a customer favourite. 'Many of my customers prefer to have soy milk with brown sugar syrup.' Azman said although the love of photography remains close to his heart, he is now fully focused on his taufufa business, adding that he hopes to scale up his operations someday. 'I hope to supply soy milk and taufufa to other businesses in the district. 'Although my income is a bit lower than what I used to make, I am happy.'
Express Tribune
16-07-2025
- Business
- Express Tribune
Utility Stores to shut down by July 31
Listen to article A high-level committee formed by the prime minister to oversee the closure and privatisation of the Utility Stores Corporation (USC) has reaffirmed that all operations of the corporation will be shut down by July 31 in accordance with government directives. The meeting, held in Islamabad on Wednesday, was chaired by Finance Minister Muhammad Aurangzeb. The committee is tasked with ensuring a smooth and transparent closure process, along with formulating a Voluntary Separation Scheme (VSS) for USC employees and recommending a structured timeline for privatisation. Read More: 6,000 Utility Stores workers to be laid off The committee reviewed the progress of its assigned tasks and held detailed discussions on the next steps. During the meeting, the members focused on developing a fair and financially viable VSS for USC employees, which would facilitate an orderly exit for workers and ease the transition. Members of the committee examined various aspects of the VSS, including its potential size, fiscal impact, and the legal and operational challenges associated with its implementation. They also evaluated the implications of the scheme's rollout and its potential effects on the workforce. In addition to the VSS, the committee recommended that the Privatisation Commission be consulted on the optimal structuring and feasibility of the privatisation process, or alternatively, the possibility of asset sales tied to USC operations. Also Read: Utility Stores employees announce nationwide protest over layoffs To facilitate a more thorough analysis, the chair has constituted a sub-committee, led by the Secretary of the Establishment Division. The sub-committee will delve into the legal and operational aspects, size, and structure of the proposed VSS and submit its findings to the main committee by the end of the week. The closure of USC, part of the government's broader privatisation plan, is set to reshape the retail landscape, though its impact on employees and consumers remains a point of ongoing concern.
