Cash-strapped PIA approves pay raise for employees

The Board of Directors of Pakistan International Airlines (PIA) on Friday approved a cadre-wise salary increase for its employees. According to a statement from the PIA spokesperson, the approval came during a recent board meeting, where cadre-wise salary increase was approved to address the growing financial pressures faced by staff, Express News reported. The last salary increase for PIA employees was made four years ago, after which the soaring inflation rates have significantly affected the financial well-being of employees. The spokesperson also noted that the total number of PIA employees has now fallen below 7,000, with the number continuing to decline.  According to a statement from the PIA spokesperson, the decision aims to address the deteriorating living conditions of employees who have not seen a salary increase in four years. In parallel with this internal adjustment, PIA is also grappling with its dire financial situation. As part of Pakistan's broader efforts to raise funds and implement reforms in state-owned enterprises, the government has been attempting to sell a significant stake in the airline The International Monetary Fund (IMF) has mandated this privatisation as part of a $7 billion loan program to help stabilise the country’s economy. Last year in November, the only bid for a 60% stake in PIA—submitted by the Blue World Consortium—was rejected. The consortium offered Rs 10 billion, well below the Privatisation Commission’s minimum valuation of Rs 85 billion. As a result, the government has decided to relaunch the sale process. The Privatisation Commission (PC) has recently announced that it is “fully prepared” for a second attempt at selling PIA, with several new and returning bidders expressing interest in participating. 

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