Govt clears seven-year backlog of retired PSM employees

ISLAMABAD: The federal government has disbursed Rs24.42 billion among retired employees of the Pakistan Steel Mills (PSM) who had been waiting for their payments since 2013.

According to a statement issued by the Ministry of Industries & Production, the government separately released two tranches — Rs12.741 billion and Rs11.680 billion — to clear the dues of retired PSM employees. The total number of employees who received their post-retirement dues is 7,594, with an average amount of Rs3.22 million per employee.

The retired employees expressed their gratitude to Prime Minister (PM) Imran Khan and Industries & Production Minister Muhammad Hammad Azhar for alleviating their hardships.

In January 2019, the PTI government had paid Rs1.26 billion to assist the families of PSM’s deceased employees.

It is pertinent to mention that PSM has not been generating income since 2015 due to closure.

“The government is trying to revive PSM’s operations; the case of its transaction structure is expected to be submitted to the Economic Coordination Committee (ECC) for approval in the next few weeks,” the statement read.

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