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About
A
proposal for the establishment of PAEC Foundation was considered and
approved by the Standing Body of the Commission in its meeting on 22nd
July, 1993. The scheme was sent to Federal Government for approval and
the same was accepted by the Cabinet in March and notified in May 1994
under the Charitable & Endowments Act, 1890. A seed money of Rs. 10
million from Federal Government and Rs. 5 million from PAEC was
provided.
The
main objective of the PAEC Foundation like other public sector
Foundations is to carry out various welfare activities for serving &
retired employees of PAEC. In first few years, the Foundation's scope of
welfare activities was limited. However after establishing its firm
footage and introduction of the Central Financial Pool (CFP) with
associated welfare schemes in 1999, the welfare activities gained
momentum. An amount Rs. 3.08 million was spent on account of welfare of
the PAEC serving and retired employees in the year 1999-2000, which
enhanced to Rs. 6.9 million during 2001-2002.
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