The federal government has decided to pay salaries of September 2018 to the employees of Pakistan Steel Mills (PSM), official sources told Business Recorder. The Cabinet Committee on Privatisation (CCoP) recently directed Ministry of Industries and Production to prepare PSMs'' future plan within 45 days and submit it to the federal government for future line of action.
PSM employees staged a protest in Karachi a few days ago and two of its representatives met the Chief Justice of Pakistan and submitted an application to him, requesting that those involved in PSM mega corruption scam must be punished and the looted billions of rupees be recovered from them.
The employees also demanded that forensic audit of PSM be conducted from 2008 and all officials who were in top positions along with those who appointed them be taken to task.
PSM employees retired from 2013 to 2018, more than 4,500 in number, have not been paid the dues (gratuity, provident fund and other allowances). These allowances were illegally used by the successive managements from 2008-9. PSM has to pay Rs 15 billion to the retired employees on this account.
Prime Minister''s Advisor on Commerce, Textile, Industries and Production and Investment visited Karachi last month and held a meeting to discuss future plan of PSM. He gave this task to officials who were part of the problem.
PSMC was incorporated in Pakistan on July 2, 1968 as a private company Limited by shares. The Government of Pakistan wholly owns PSMC. The production of PSMC is at a halt since June 2015 and it does not have financial resources to pay salaries of its employees.
The sources said, Ministry of Industries and Production on October 16, 2018 has forwarded PSMC''s summary to the Privatisation Commission (PC) for the provision of Rs. 451 million, on account of PSMC employees'' gross salary for September 2018 and Rs. 60 million for the payment of electricity and water bills of the plant, offices, Steel Town and Gulshan-e-Hadeed Housing Society.
The MoI&P, in its letter has endorsed the proposal of release of Rs. 451miliion and Rs. 60 million to PSMC on account of PSMC employees'' salary and for the payment of utility bills, respectively.
It is pertinent to mention here that pursuant to the ECC decision of January 29, 2016 a committee comprising the Privatisation Division, Finance Division (FD) and PSMC was constituted, which after a series of meetings decided that PSMC shall reduce its salary bill to Rs.380 million per month after rationalizing the contract and daily wage employees.
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