Govt. Releases Rs. 24 Billion for the Retired Employees of Pakistan Steel Mills

The Federal Government has disbursed Rs. 24.42 billion among the retired employees of Pakistan Steel Mill (PSM) who have been waiting for their payments since 2013.

The retired employees have expressed their gratitude to the Prime Minister of Pakistan, Imran Khan, and Minister for Industries and Production, Muhammad Hammad Azhar, for alleviating the hardships of retired employees in their old age.

It is informed that the government has released an amount of Rs. 24.42 billion in two tranches amounting to Rs. 12.741 billion and Rs. 11.680 billion. The total number of retired employees who received their post-retirement dues is 7,594, with an average amount of Rs. 3.22 million per employee.

Before this, the present government had paid Rs. 1.26 billion in January 2019 for the assistance of families of the deceased employees of PSM.

It is pertinent to mention that PSM has not been generating income since 2015 due to its closure. Realizing the plight of the retired employees of PSM, the government has made a significant payment of Rs. 24.42 billion, which has been due since 2013.

The government is trying to revive the operations of PSM, and the case of its transaction structure is expected to be submitted for the approval of the Economic Coordination Committee (ECC) of the Cabinet in the next few weeks.