Employees to receive golden handshake worth 2.3 Million each
Minister for Industries and Production Hammad Azhar has announced that the government of Pakistan has decided to privatize the Pakistan steel Mills in to help in its revival and minimize the losses.
Azhar further clarified that the government is going towards public-private partnership for restoration of the steel mill and only the core Steel Mills operations would be privatized..
The federal government pays Rs70 million per month in terms of salaries, losses and interest of the mill whose future must be decided. Rs55 billion were paid in salaries in last five and half years. PSM’s loan has now exceeded Rs230 billion.
Hammad Azhar said that about 9,000 employees of the PSM would be relieved in two phases after payment of their retirement dues and one-month salary. The government will offer a golden handshake to the employees, after approval from the cabinet, under which each employee will get around 2.3 million rupees each.
