20000310

SHAHID IQBAL

Thursday, March 09, 2000

SHAHID IQBAL

KARACHI: National Development Finance Corporation has decided not to renew contracts of its employees.

Sources said about 10 to 12 employees who completed their contractual period, were informed to relieve on Thursday.

NDFC which has a total strength of about 500 employees, will not renew contracts of about 35 to 40 employees.

Sources said that those employees who will complete their contractual period, will be considered as surplus.

NDFC is facing problem of liquidity because of huge stuck-up loans which could not be recovered.

Meanwhile, a performa has also been circulation among the employees to gather information about all employees.

The 10-point perfoma asks informtion about the job discription and other information related to the job.

The sources said that after the removal of contract employess from the NDFC, there is a possibility of introducing Goldhen Handshake Scheme.

It could not be assessed that how much employees are in the list of the authority of the NDFC, to send them home.

However, the sources said that the employees who were deputed in NDFC, will be sent back to their parent institution.

It was also observed that the authority may wind up some of its branches in different parts of the country. The NDFC has about 31 branches all over the country.