LAHORE:Senior Provincial Minister Mian Aslam Iqbal chaired the 119th meeting of Punjab Small Industries Corporation (PSIC) Board here at Civil Secretariat on Monday and approved 15 percent increase in the pension of retired employees of the corporation from July 1st 2022 according to the notification of the Finance department.
The meeting also approved an amendment to the rules of business of the PSIC Board, the constitution of the development working party for ODP-funded development projects, and an increase in the fee of legal councils pursuing PSIC cases in courts.
The Board also approved the expansion of the incentive package of waiving off markup on credit schemes for small industries for 2022 and constituted a sub-committee to finalize land lease policy for government small industrial estates. PSIC estimates for 2022-23 also came under discussion.
The senior minister termed small and medium enterprises important for employment generation, and strengthening of the economy and directed to formulate an effective system for the promotion of cottage industry at the grassroots.
He also directed the officers concerned to hold a performance audit of the cluster development initiative, adding that the Board constitution of small industrial estates should be completed without any delay. He warned of taking strict action if wrong report was submitted by any regional director about the colonization of small industrial estates and allied matters.
Mian Aslam Iqbal further directed to take steps for improving industrial-academia linkages to develop and train the best human resources.
Secretary Industries Department, PSIC Managing Director and others attended the meeting.