PIA increases salaries of employees

The Pakistan International Airlines (PIA) Board of Directors on Friday approved a cadre-wise increase in the salaries of the airline’s employees.A statement issued by the PIA spokesperson says the pay raise was approved at a recent board meeting to address the growing financial pressure faced by the staff. PIA employees got the last pay raise four years ago. Soaring inflation has significantly affected the financial well-being of the PIA employees since.The PIA spokesperson also said the total number of the airline’s employees has fallen below 7,000.PIA is grappling with a dire financial situation. As part of Pakistan’s 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 privatization as part of a $7 billion loan program to help stabilize 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 Privatization Commission’s minimum valuation of Rs 85 billion. As a result, the government has decided to relaunch the sale process.The Privatization 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.