The Pakistan Steel Mills (PSM) has formally asked the federal government to disburse an amount of over Rs11.44 billion so that it could the pay dues of the retired employees, reported 24NewsHD TV channel on Friday.

In this connection, 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 Council).

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 (Brig) Shuja Hassan as the new chief executive officer (CEO) of PSM for a one-year period.

His name was shortlisted by the PSM board of directors on the grounds that he had demonstrated a strong commitment to supporting the government’s vision to rebrand and renew the country’s largest industrial unit.

A total of three aspirants had appeared for an interview after five candidates were called as the job opening was earlier advertised in newspapers.

The new CEO is supposed to help restructure the PSM and promote public-private partnership. The Privatization Commission has already hired a financial adviser for purpose as the government plans to finalise the transaction structure by December.