Major German Pharmaceutical Company "Bayer" Announced Closing Business in Pakistan
- 23, June , 2023
Newstoday: During the devastating economic challenges Pakistan is facing, a Pharmaceutical company announced recently to stop its operation in Pakistan. According to the report, the company sold its shares to a local company after the announcement of the company exit. Eli Lilly, the pharmaceutical company in Pakistan, announced its withdrawal in 2022. Employees' concerns about probable job losses under the new management have resulted in demands for job security assurances, adequate separation compensation, and the company's worldwide practises. As a result, Bayer's management has guaranteed staff that their employment would be secure for at least the next two years under the new ownership. As a consequence, no severance benefits have been requested by individuals who will continue to work.
Local employees of the German multinational organised a protest outside the National Press Club, demanding for severance compensation comparable to 60 to 100 months' salary, as is typical practice in other corporations throughout the world. They urged the President, Prime Minister, and Chief Justice to address their concerns and defend their legal rights.They believe that, whereas Western countries enforce standards when corporations fire people, developing countries frequently see a disrespect for these laws, which they consider to be very improper.