GENCO Holding Company Ltd. (GHCL) to Finalize Policy on Provident Fund & Welfare Funds–Official Notification

GENCOs Set to Discuss Fund Decentralization in Upcoming Meeting:

In a significant development, GENCO Holding Company Ltd. (GHCL) has issued an official notification regarding the decentralization of General Provident Fund (GPF), Workers Welfare Fund (WWF), and Medical Benevolent Fund (MBF) for ex-WAPDA corporate entities.

Following WAPDA’s directive (Letter No. M(A&F)/Funds/Admin/794-95 dated 13.11.2024), GENCOs have approached GHCL to establish a uniform policy for managing these funds efficiently. In this regard, a high-level meeting is scheduled for February 27, 2025, at 11:00 AM at the GHCL office in Islamabad. The meeting will be conducted via Zoom/videolink and in person.

The agenda includes discussions on financial records, employee contributions, and the status of these funds. All Chief Financial Officers (CFOs) and HR Managers from GENCO-I, GENCO-II, GENCO-III, and GENCO-IV have been directed to attend the meeting and submit essential financial data before the scheduled date.

GHC

GENCO HOLDING CO. LTD.

First Floor, Overseas Pakistani
Foundation, Shahra-e- Jamhurriyat, G-5/2 Islamabad

No. GHCL/CFO/908-21                                                                                                                                                                                                                                                                           26.02.2025

• Chief Financial Officers;

GENCO-I, GENCO-II, GENCO-III & GENCO-IV

• Manager HR & Admn;

GENCO-I, GENCO-II, GENCO-III & GENCO-IV

Subject:               DECENTRALIZATION OF FUNDS (GPF, WWF & MBF)

                              The Water & Power Development Authority (WAPDA vide letter No. M(A&F)/Funds/Admin/794-95 dated 13.11.2024 conveyed decision regarding decentralization of GPF, WWF & MBF of the ex-Wapda corporate entities.

                              In this regard, the GENCOs have also approached this office to frame a combined and uniform policy on the above matters. In order to deliberate on the said matter and to discuss a way forward, a meeting is scheduled to be held on 27.02.2025 at 1100 HRS via zoom/ videolink and/or in person in the Committee Room of GHCL, OPF Building, Islamabad.

                              All the Chief Financial Officers & Manager HR & Admn are requested to ensure to attend the meeting as per schedule. Following information of your respective GENCOs may be shared with this office before the meeting:

1.            General Provident Fund (GPF): Total number of employees, monthly contribution and accumulated balance of GPF as on 31.12.2024.

2.            Workers Welfare Fund (WWF): List of WWF beneficiaries and monthly total amount of financial support being extended to eligible beneficiaries. Also the amount of monthly WWF deductions from employees.

3.            Medical Benevolent Fund (MBF): Monthly amount of deductions on account of MBF.

4.            Group Life Insurance (GLI): Amount of monthly deductions on account of GLI and list of five (05) years insurance claims under GLI.

Chief Financial Officer

GENCOs to Establish a Streamlined Fund Policy:

The decentralization of financial funds like GPF, WWF, MBF, and Group Life Insurance (GLI) is a crucial step toward greater transparency and efficiency within GENCOs. This move aligns with WAPDA’s recent directives, aiming to provide better financial management and employee benefits.

All concerned officials must ensure timely submission of required data and participation in the meeting. The decisions taken during this discussion will impact the future financial structure of GENCO employees’ welfare funds.

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