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      Israeli draws up plan for ground offensive in Rafah as UN warns it could result in ‘slaughter’

      Canada airdrops aid into Gaza

      Hamas releases two women hostages after Egyptian-Qatari diplomacy

      Hamas says it will allow aid for hostages if Israel meets conditions

      Saudi Arabia detains over 22,000 violators of residency, labuor, border laws

      Saudi Arabia detains over 22,000 violators of residency, labuor, border laws

      US increases military sales to India providing F-35 jets

      US to impose 25% tariff on India from Aug 1, Trump

      Pakistan congratulates Donald Trump for winning as US president

      Trump announces trade deal with Pakistan

      EU voices concern over Military court’s verdict in May 9 riots case

      France, 14 other nations urge recognition of Palestinian state

      ‘Famine now unfolding in Gaza’, UN-backed monitor

      ‘Famine now unfolding in Gaza’, UN-backed monitor

      Trump says US to set up food centers in Gaza to address ‘real starvation’

      Trump says US to set up food centers in Gaza to address ‘real starvation’

      Armed groups in Gaza rob Bank of Palestine branches

      Pakistan urges UN to grant full membership to Palestine

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      IMF calls for Pakistan to declare assets of above grade 17 govt officials

      IMF demands autonomy of Auditor General of Pakistan’s Office

      CPEC to create 1,000 new jobs for Pakistanis in next few years

      CPEC to create 1,000 new jobs for Pakistanis in next few years

      Govt cautious of allowing PSMA for sugar export

      Govt to import sugar amid soaring rates

      Petrol prices likely to increase up to Rs13 per litre

      Petrol, diesel levy increased by Rs 2.50/liter in Pakistan

      US assures Pakistan of unwavering support in reaching IMF deal

      Pakistan wins US tariff deal; Trump cites oil reserves pact

      Pakistan congratulates Donald Trump for winning as US president

      Trump announces trade deal with Pakistan

      Govt forms 13-member committee for making interest free economy

      State Bank of Pakistan keeps policy rate steady at 11pc

      China’s electric market industry boom rapidly

      IMF endorses Rs 100 bln subsidy for electric vehicles

      Ireland, Spain, Norway to recognize Palestinian state on May 28

      US, EU agree to 15 percent tariff

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      Shah Rukh Khan thanks Mukesh Chhabra for casting Him in Jawan “twice”

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      Priyanka Chopra ‘fiery comeback’ to Bollywood with Love & War

      Alia Bhatt, Ranveer starrer “Rocky Aur Rani Kii Prem Kahaani” wins Best Popular National Film Awards

      Alia Bhatt, Ranveer starrer “Rocky Aur Rani Kii Prem Kahaani” wins Best Popular National Film Awards

      Aamir Khan ‘promotes’ Indian political party in viral video

      Aamir Khan and his son Junaid recreate Andaz Apna Apna scene

      Selena Gomez opens up about advice she received from another woman

      Selena Gomez Talks Rare Beauty Amid Sale Rumors

      Farhan Akhtar shot in -10°C in Ladakh’s harsh terrain

      Farhan Akhtar shot in -10°C in Ladakh’s harsh terrain

      Akshay Kumar reveals his two upcoming projects during Saudi Film Festival

      Akshay Kumar sells properties worth Rs 7.10 crore in Mumbai

      MEET SYEDA FIZZA FATIMA NAQVI – MISSS. PAKISTAN WORLD 2025

      MEET SYEDA FIZZA FATIMA NAQVI – MISSS. PAKISTAN WORLD 2025

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      Home BUSINESS

      Retrenchment in PSM discussed in ECC meeting

      Web Desk by Web Desk
      in BUSINESS, PAKISTAN
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      The Economic Coordination Committee of the cabinet on Wednesday reviewed a proposal to terminate over 9,000 employees of the Pakistan Steel Mills, which has remained closed for last five years.

      The ECC discussed in details the issue of retrenchment of all the 9,350 employees of the PSM who have been receiving salaries despite the country’s largest industrial unit remained closed since June 2015.

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      Neither the PML-N had nor the PTI government has a plan to revive the mill as long as it is in the public sector. The PML-N government had shut the PSM in June 2015, and since then the employees are getting salaries but with a significant lag. The retiring employees are also not paid their retirement benefits.

      “The ECC also took up a proposal by the ministry of industries and production regarding the human resource rationalisation of workforce of the Pakistan Steel Mills at a cost of Rs18.74 billion to be paid for retirements and termination dues of over 8,000 of 9,000 PSM employees”, the finance ministry said.

      “The ECC discussed the proposal in detail and asked the ministry of industries and production to re-work the scheme in consultation with the PSM management to extend its scope to a maximum number of PSM employees and bring it back to ECC,” it added.

      On April 15, the PSM Board of Directors had approved the plan to retrench over 8,000 employees of the PSM and give them monetary benefits. But the ECC argued that there was no justification for retaining the remaining employees when the mills remained closed.

      The monthly salary bill of the PSM employees is Rs350 million and since June 2013 the federal government has given Rs34 billion subsidy to pay these salaries. The Supreme Court has also directed the government to find a solution to the PSM issue.

      The ECC was informed that average age of the PSM employees was 47 years against private sector’s average of 36 years. It heard that 48 per cent of the PSM employees were between the age group of 51 to 60 years, which, the ministry said, was a hurdle in its privatisation.

      The privatisation ministry and the finance ministry have endorsed the plan to terminate the employees. The privatisation ministry has also hired financial adviser for due diligence of the PSM but the process remains incomplete. The PSM management has not yet given the latest audited financial statements of the mills to the privatisation ministry, which is delaying the finalisation of the report.

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      Voice of Sindh is an initiative designed to uncover the untold stories of Sindh. It aims to preserve and promote the diverse culture, heritage, history, and traditions that make Sindh the bastion of pluralism and progress.

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