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Lahore, 16 Oct 2023: The adverse effects of the prevailing economic crises on Pakistan’s industry have manifested in heightened concerns over its sustainability and survivability, stated Malik Tahir Javaid, President of Employers’ Federation of Pakistan (EFP). Addressing a gathering during a “Bilateral Dialogue on Economic Crises and its Impact on Industry,” Javaid emphasized that soaring energy costs, scarce raw materials, rampant inflation, and a declining currency have driven business expenses to an all-time high, thereby prompting shutdowns and layoffs across numerous industrial sectors.
This dialogue, a collaborative endeavour by EFP and the Workers Employers Bilateral Council of Pakistan, received backing from the International Labour Organization (ILO). It aimed to foster discussions around the economic challenges and their ramifications on industries and workers, seeking viable solutions through collective effort.
Syed Nazar Ali, the Secretary-General of EFP, opened the session by shedding light on Pakistan’s dire economic straits. He pointed out the major issues plaguing the country’s economy, such as the persistent current account deficit, crippling inflation rates, stagnant productivity levels, and a declining GDP. Ali stressed the dialogue’s primary goal was to pinpoint and prioritize issues that could be tackled through cooperative action between workers and employers.
Chaudhry Saad, the Secretary-General of WEBCOP Punjab, highlighted the burden borne by workers amid these crises. With industrial closures and layoffs becoming rampant, unemployment rates have surged. Concurrently, the skyrocketing cost of living has strained workers’ financial capacities. Saad also noted the glaring absence of social protective measures and the inefficacy of social security institutions, which have further exacerbated workers’ plights. Emphasizing the need for united action, he advocated for measures that could bolster the industrial sector while enhancing worker employability and social protection.
Elucidating the depth of the predicament, Shazad Bukhari, a consultant, delivered an extensive presentation detailing the challenges faced by both the industry and its workforce due to the economic downturn. During the session, representatives from both sides shared pertinent challenges and proposed cooperative solutions. The list of challenges encompassed low productivity, skill shortages, limited innovations, insufficient wages, inadequate social protection, and rising unemployment rates. To actively address these concerns, a committee was formed, tasked with drafting evidence-based policy documents offering solutions. These documents are slated for submission to the government for further action.
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