ISLAMABAD - The government is all set to distribute 12 per cent shares of First Women Bank (FWB) and Utility Stores Corporation (USC) among their 8412 employees under Benazir Employee Stock Option Scheme (BESOS) on September 12.

Out of total, 7929 employees of USC will be benefitted from the scheme and in the same way, 483 employees of FWB will be beneficiary, said an official in the ministry of Privatization while talking to APP. He said, of 12 per cent shares of the corporation and the bank, unit certificates would be formed and after it, these certificates would be distributed among the employees.

The government has set sole criteria for distributing unit certificate which is the length of service irrespective of the designation of any employee, he added. A lower grade employee whose service is more than 15 years, would receive 15 unit certificate under the scheme whereas an officer of higher grade would also get the same number of certificates, he said while quoting example.

Moreover, one unit certificate would be given on one year service of any employee but the maximum limit is 20 units.

He said that the Trust for USC had been registered on May 11, 2010 and for FWB on May 24, 2010. The Unit certificate distributed among the employees would not be handed over physically and the certificates would be in custody of Trust.

Whenever the employee retires, the amounts whatever stands at market value of unit certificate would be given to him instead of certificate.

Whenever, the corporation or bank announces any dividend, whatever shares of employee stands according to holding of unit certificates would be transferred to.

If the corporation or bank do not announces dividend, the amount whatever stands during his or her retirement at the market value of unit certificate  would be given to.

It is pertinent to mention here that BESOS was introduced by the current government to empower the employees working in the different companies by giving them shares of the company.

The Trust of the company is formed of 6 members, 3 from government and 3 from employee holding shares of company. More than 250,000 employees of different companies and organizations has benefitted since the scheme was introduced by the government.