October 31, 2024: The final bidding for Pakistan International Airlines (PIA) privatization is scheduled to take place today in Islamabad. The bidding will be held at a private hotel in the capital, marking a significant step in PIA’s privatization process.
Of the six shortlisted bidders, only the Blue World City consortium has submitted the required advance payment, according to the Privatization Commission. The bid submission and opening are both set for the same day, in alignment with regulatory standards and legal requirements.
As the privatization progresses, new conditions from potential buyers regarding PIA’s workforce have emerged. In a recent Senate Privatization Committee meeting, chaired by Senator Talal Chaudhry, it was revealed that companies bidding for PIA are pushing for the immediate dismissal of all employees and for control over 76% of PIA shares while assigning tax liabilities to the government. The Privatization Commission has been negotiating terms to protect employees from immediate layoffs for at least two to three years, but bidders have shown reluctance to retain employees or assume pension obligations.
This privatization bid has stirred concerns about the lack of a comprehensive plan to safeguard employee rights amidst restructuring.
