KARACHI: Pakistan International Airlines (PIA) has announced a 10 per cent increase in the monthly pensions of its retired employees, ARY News reported on Thursday.
The management of the national carrier issued directives to raise the monthly pensions of retired employees. The pension raise will be taken into effect from January 1 this year.
The retired employees will be given pensions with a 10 per cent hike in accordance with their pensions disbursed in December 2021.
The approval of pension raise was given in the PIA board of directors session.
Earlier on February 1, a new business plan aimed to take Pakistan International Airlines (PIA) out of financial crisis had been submitted to the Ministry of Finance for approval.
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The International Air Transport Association (IATA) had worked out the business strategy for the loss-making national flag carrier to turn it into a profitable entity.
The government had decided last year to hire international consultants to devise a completely new business strategy to take the national airline out of the financial crisis.
The comprehensive plan devised by the IATA envisages the national flag carrier turning into a profit-making organisation by 2024. Under the new strategy, the number of planes in the airline’s fleet will be increased from 29 to 49 while the number of passengers travelling on PIA flights from 5.2 million to 9 million.
The business plan further envisages the total worth of the airline’s assets reaching $2.183 billion from $1.196 bn in 2026.
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