Retired employees of the Pakistan Steel Mills are planning to stage demonstrations in five cities of the country to protest non-payment of their dues by the government despite court’s directives.
The Finance Division had requested the Accountant General of Pakistan to authorise the State Bank of Pakistan to credit the amount of Rs11.44 billion to the Pakistan Steel Mills so that it could pay off dues to its retired employees. The request was made on the directives of the Sindh High Court.
The loan requested by the Finance Division was to be used to pay the remaining 90% dues to the litigant retired employees in compliance of the decision made by the Economic Coordination Committee of the cabinet.
In April, the ECC had approved the release of Rs1.30 billion loan to the PSM to pay off these dues. Similarly, it had directed for the issuance of Rs3.85 billion per annum over the next three years for the settlement of all outstanding liabilities of litigants in the case involving the PAKISTAN STEEL MILLS.
However, Retired Employees Unity of Pakistan Steel Secretary Mirza Maqsood says that this amount will only settle the claims of those retired employees who had gone into litigation against the PAKISTAN STEEL MILLS.
The Retired Employees Unity of Pakistan Steel was formed by the ex-employees to push their interests, especially claiming the dues from the loss-making public entity.
The amount announced by the government will only settle dues of around 3,300 retired employees, according to Maqsood. There are another 3,600 retired employees who could not approach the courts.
The government is currently planning to partially privatise the PAKISTAN STEEL MILLS by keeping the land to itself and terminating all current employees. It plans to terminate the contracts of 9,350 employees by offering them an average of Rs2.3 million each.