Islamabad: Minister for Industries & Production Hammad Azhar on Thursday announced the government’s decision to privatise Pakistan Steel Mills (PSM), a news source reported. To this effect, he revealed that each PSM employee would receive a bonus of PKR 2.3 million on average through the golden handshake scheme announced by the Economic Coordination Committee (ECC).
Speaking at a media conference, Azhar said that government took the decision to privatise PSM in a bid to revive the state-owned entity. He explained that only the core PSM operations would be privatised. He added that the government would likely choose public-private partnership (PPP) for restoring the mill.
The minister highlighted that around 9,000 employees of the PSM would be relieved in two phases. He said that upon relieving, each employee would receive retirement dues and one-month salary. He added that the government would spend PKR 20 billion on this package. He revealed that a proposal in this regard has been sent for the cabinet’s approval.
