Islamabad: The Federal Cabinet has approved the dissolution of the Pakistan Agricultural Storage and Services Corporation Limited (PASSCO) by December, marking a significant restructuring move in the country’s public-sector agricultural storage system.
According to official sources, the cabinet also approved a financial package worth Rs4.18 billion for PASSCO employees as part of the organization’s closure plan.
The approved package is intended to facilitate the transition of the corporation’s workforce and provide compensation in accordance with the government’s restructuring policy.
Sources said PASSCO currently has around 1,100 regular employees, all of whom are expected to be covered under the approved package.
In addition to the employee compensation plan, the government has decided that wheat stocks damaged by floods and currently held by PASSCO will be auctioned as part of the corporation’s winding-up process.
PASSCO has historically been responsible for procuring, storing, and managing strategic wheat reserves and other agricultural commodities on behalf of the federal government. Its role has included maintaining food security stocks, providing storage facilities, and supporting grain management operations.
The cabinet’s decision to dissolve the corporation reflects the government’s broader efforts to reform and restructure state-owned entities. Further details regarding the implementation timeline, the transfer of PASSCO’s remaining assets and responsibilities, and arrangements for future grain storage operations are expected to be announced by the relevant authorities in the coming months.
Officials have indicated that the dissolution process is scheduled to be completed by December, while employee settlements and the disposal of remaining assets, including damaged wheat stocks, will proceed in accordance with the approved plan and applicable government regulations.
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