According to The Pakistani Center’s recent reports which informed the Supreme Court of Pakistan that the Pakistani government has been paying 58 billion rupees to Pakistani steel factories since 2008-2009 in the form of five rescue packages.
In addition, the report also highlighted that the Federation, through the Ministry of Industries and Production, showed that PSM suspended its commercial operations in June 2015 without formulating any HR plan for its 14,753 employees.
The number of employees decreased to 8,884 in 2019, including 2,223 officers and 6,651 workers. The government pays Rs 355 million for the net monthly salary of PSM employees except for the leave disbursement component and the savings and tip fund.
It further disclosed that the government has so far issued a total of Rs. 34.01 billion in net salaries to employees. Moreover, the federal government has also paid Rs.1,266 billion to the families of the deceased humanitarian workers.
Furthermore, the court was further informed that the federal government had formed an expert team in 2018 to invite professional recommendations to revive the PSM. The assembly suggested primarily that the government establish a public-private partnership to increase the necessary capital investment and obtain technical expertise to successfully revive and expand the mills.
While, the sector ECC permitted the plan transferred by the Ministry of Industries and Production on June 3, 2020, with the payment being directed to the mill employees based on the Supreme Court decision. Besides, Kamraj Enterprises is hopeful that the future plans which are approved by the court will implement soon and PSM will endure to grow better in future. This betterment will give huge profit to our local establishments.
Furthermore, the report also determined that “the amount calculated by the PSM will be final and forever and will not entail any other liability against the Government of Pakistan / PSM in this regard.”
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