Young achievers

BESOS means benevolence

S Rahman
Monday, October 03, 2011


Whenever and wherever the names of Zulfikar Ali Bhutto (ZAB) Shaheed and Benazir Bhutto (BB) Shaheed are discussed, the first impression that is formed in one’s mind is that of two highly humane personalities whose motto and mission of life was empowerment and well-being of the masses. ‘Masses are the fountain of power’ (Taaqat ka sarchashma awam hein) was the conviction of ZAB Shaheed. BB Shaheed proved to be the true torchbearer of that conviction as she carried it forward with the same spirit with which her late illustrious father embarked on the mission of ameliorating the masses’ lot especially that of the labouring and toiling classes. Farmers and industrial workers alike as well as the low-grade workers and employees of all organizations were the main focus of both the leaders.


To Pakistanis’ good luck, the government headed by Prime Minister Syed Yusuf Raza Gilani that draws inspiration from the vision of its founder as interpreted further by the present Co-Chairman of the party President Asif Ali Zardari has also embarked on the same mission as can be gathered from many of its pro-worker actions including the Benazir Employees Stock Option Scheme (BESOS) which offers 12% stock option from 80 public organizations to the employees of their respective organizations with the result that approximately 500,000 or nearly half a million workers are in the process of benefiting substantially from this benevolent scheme.

This pro-worker scheme which can be aptly described as one of the biggest achievements of Gilani government and Privatisation Commission working under PM’s directives, was announced by Prime Minister Syed Yusuf Raza Gilani two years back on Independence Day ie on August 14, 2009.

The objectives of the scheme are ensuring employees’ participation in profits and increased worth of the entity besides enhancing employees’ loyalty and commitment for improvement of efficiency of the entity and thirdly, enabling the employees to participate at the highest level in decision-making process. This last objective is by all human standards a step in the direction of ensuring the dignity of labour, one of the biggest gifts that any people — or people’s government — can give to their working community.

This is also exactly in consonance with the teachings of Islam that enjoins giving full respect and honour to the labouring class even far more emphatically than any other political-cum-economic system or philosophy of the world. It is heartening to note that in every SOE (the company offering Stock Option), there is the provision of an Employees’ Empowerment Trust (EET) whose composition is egalitarian because employees’ representatives as well as government nominees have been given equal representation.

In the EET, three members would be from amongst the employees and three from the government side. And to give it yet greater boost, the government has decided to form the EET with token cash and transfer 12% of its (Government of Pakistan) shareholdings in each SOE to the Trust, free of cost. And, as the government means business, rather serious business, the government has also decided to guarantee buyback of shares against surrendered units that the employees would surrender to their respective Trust on retirement. So, the security of working community’s economic conditions, as envisaged in the original plan conceived by the government, has been taken care of even after retirement of an employee availing this golden opportunity.

The latest information available tells us that by now, Trusts or the EETs have been established in as many as 64 entities and more than three hundred thousand employees have already benefited from BESOS (exact figure is 306, 473 employees). And the number of entities where Unit Certificates have been delivered, is 47 whereas the number of benefiting employees is 142, 756. And the number of entities where Unit Certificates are in process, is 17 whereas the number of benefiting employees is 163, 717.

The scheme has a huge financial dimension, to the tune of Rs198.7863 billion which, in fact, is the cost of implementation of BESOS in 77 SOEs through payment of dividend on 12% shareholding of Government of Pakistan and payment of buyback claims to employees on cessation of employment. But the Gilani government is seriously committed to the welfare and dignity of labour fraternity. It, therefore, takes it as a top priority issue even if it has a financial impact of 198 billion rupees.

And if one goes through the names and titles of SOEs from amongst Listed Public Limited Companies, Un-listed Public Limited Companies, Private Limited Companies and those established under special act or ordinance, one is left with no choice other than lauding the humanitarian approach of PM Syed Yusuf Raza Gilani and President Asif Ali Zardari since the employees benefiting out of this benevolent scheme (BESOS) are spread over the length and breadth of our business and industrial world that includes many prominent names. A few, among many others, are: PBC, KPT, NLC, Pak Railways, Gwadar Port Authority, EPZA, NTC, CAA, Wapda, NHA, Pakistan Post, SLIC, Electricity distribution companies like Pesco, Qesco, Saindak Metals, Zarai Taraqiati Bank Ltd. Associated Hotels of Pakistan Lt., NTDC, Shalimar Recording, Heavy Electrical and Mechanical Complex, Nespak, National Power Construction Corporation, Pak Machine Tool Factory, Printing Corporation, Pakistan Steel Mills, HBL, KESC, NBP, PIA, PSO, SNGPL, SSGPL and UBL etc (many names have still been left over).

Another ideal thing about the scheme is that it deals with workers evenhandedly as even the contractual employees who are subjected to neglect and discrimination in most of the employment sectors, have been declared eligible with the condition (soft one) that they should have served for five years, at least.