State firms told to revise overtime payment rules
The PCB has directed companies to complete the required changes by the 30th of this month.
The Privatisation and Corporatisation Board (PCB) has instructed state-owned companies to revise their overtime payment policies as part of measures to manage government expenditure.
In a circular issued to government-owned companies on Tuesday, the PCB said overtime payments should only be made for work carried out beyond 48 hours in a week.
The board said the changes are intended to strengthen the management of state-owned companies and establish a consistent approach to financial management and overtime administration across all companies.
The circular also instructed companies that already have overtime payment arrangements in place to compare their existing policies with the new requirement and adopt the option that is more financially sustainable and cost-effective for the company.
The PCB has directed companies to complete the required changes by the 30th of this month. The revised policy will take effect on the 1st of next month.
The board has also instructed state-owned companies to reduce staffing levels in line with the workforce reduction target announced for the next three months.
