Pakistan Steel Mills employees get retirement cheques
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.