It has been learnt through reliable sources that CEO Pakistan International Airlines (PIA), Air Marshal Arshad Malik has turned down a lucrative salary package exceeding PKR 1.9 Mn offered to him by PIA Board of Directors.
According to the details, he has decided to continue with the salary package that he was drawing on his deputation from the Air Force.
It may be noted that 25% of that salary is already reduced as part of austerity measures enforced across the company consequent to the advent of the COVID-19 pandemic.
Air Marshal Arshad M. Malik went on leave pre retirement from the Pakistan Air Force last month and was reappointed as the National Flag Carrier’s CEO by the Federal Cabinet on contract basis. As the deputation arrangements discontinued consequent to that, PIACL Board was presented with options of salary adjustment of CEO on contract based employment. Citing precedence from the salaries offered to his last two predecessors, Arshad Malik was offered a consolidated salary package of PKR 1.9 Mn.
However he turned it down as a good samaritan move and alighted with his austerity measures enforced across the airline network. His stance was that he can not accept the salary raise when all other employees are facing salary cuts and the airline is struggling due to severe cash flow scarcity situation.
Chief level officers, specially the ones hired on contracts and pilots within the company have been drawing well over 2.0 Mn a month hence the PIACL Board had recommended this package as rule of thumb suggests CEOs are highest salary drawers in any company and it might be unbalanced that a junior officer may be drawing a salary three times more than the top man of the company with same or inferior employment status. Hence the decline in offer seems unprecedented.
PIA Spokesperson when contacted declined to comment on the matter citing it as a personal decision, hence better left answered by Arshad Malik however he confirmed that a revised package had been drawn up in light of CEOs wishes.
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