ISLAMABAD, 15 April 2007 — Pakistan International Airlines (PIA), which is facing an accumulated losses of over 8 billion rupees, has decided to retrench 5,000 of its employees during year 2007-8 through “Golden Shake Hand”, Arab News learnt from an important source from Federal Ministry of Finance here yesterday. According to the source, the Federal Finance Ministry will provide PIA with 2 billion rupees for those employees who will be retrenched.
The source said PIA had demanded 10 billion rupees from the federal government on number of accounts to improve its functioning. Lately PIA faced huge financial losses.