Pakistan Steel Mills employees get retirement cheques

By: News Desk      Published: 02:26 PM, 22 Sep, 2020
Pakistan Steel Mills employees get retirement cheques

The federal government has submitted the dues of retired employees of Pakistan Steel Mills (PSM) to the Sindh High Court (SHC), reported 24NewsHD TV channel on Tuesday.

The Sindh High Court was due to formally distribute the money among the retired employees of PSM Steel Mills on Tuesday.

In this regard, a poster has been placed outside the Sindh High Court office that asked retired employees of Steel Mills to gather in the lawn of the SHC to receive their cheques.

On August 28, the Pakistan Steel Mills (PSM) formally asked the federal government to disburse an amount of over Rs11.44 billion so that it could pay the dues of the retired employees.

The PSM management wrote a letter to the Accountant General of Pakistan, saying the money would be used to release the dues of the 90 percent employees facing forced retirement.

President Arif Alvi had already ordered the release of the required amount which was earlier approved by the ECC (Economic Coordination Committee).

In June this year, the ECC had approved a grant of Rs18 billion to sack 9,350 PSM employees who would get the golden handshake. 

Each employee will receive Rs2.3 million with a one-month notice. It was also stated that 250 employees would continue working for three months for implementing the plan. 

The ECC took this decision after approving the firing of all employees with an argument that the country’s prime state-run industrial unit has not been working for years with the staffers sitting idle. 

Earlier this month, the federal government appointed Brig (r) Shuja Hassan as the new chief executive officer (CEO) of PSM for a one-year period.