Staff Report
ISLAMABAD: A Meeting of the Senate Standing Committee on Privatization was held under the Chairmanship of Senator Shamim Afridi here at the Parliament House on Friday.
The Committee expressed deep sorrow and grief over the sad demise of Syed Ali Gilani and offered fateha for elevation of ranks for the departed soul Reconsideration of the Bill Titled “the Privatization Commission (Amendment) Bill, 2021” moved by the Minister for Privatization in the Senate sitting held on 23rd June 2021 was deferred.
Detailed briefing by the State Life Insurance, regarding its Privatization Process, over-staffing and other issues were considered. The Chairman State life Insurance apprised the committee that the Life Insurance Business in Pakistan was nationalized in 1972.
The Chairman (SLI) highlighted that the 97.5 % surplus utilization of the LINO is allocated for policyholders and 2.5 % is allocated for Federal Government and provides an undertaking by the Central Government with regards to Policyholders. While briefing the committee on the Structural overview of the State Life Insurance Cooperation the Chairman SLI informed the committee that there are 7 Regional offices, 33 Zone offices, 166 sector offices and 1, 242 area offices. It was also informed that the life, group and health business lines, have 2, 352 officers, 2, 284 staff 1, 243 area managers and 134, 205 field forces.
The Chairman Committee sought a report on the number of retired employees and pensioners of the SLI and those working on extension. The Chairman committee further proposed that instead of reducing the number of regular employees, retired officers and officers re-inducted on extension should be removed. This will reduce the financial burden of the organization.
The Chairman SLI informed that there are approximately 10-20 employees on extension; however he was not sure on the definite number and said that he will provide it in the next meeting.
