Pakistan steel mills dismissed 4,544 employees. The CEO of Pakistan Steel Mills was called a emergency meeting at CEO secretariat for the dismissal of Employee.
According to the spokesperson of PSM deputy managers, assistant managers, managers, junior officers and other employees are dismissed. The dismissal letters have been sent to employees by post. Staff related with education (PSM Schools and Colleges) is not dismissed. PSM employees are already protesting against privatization.
Federal Minister of industry and production Hammad Azhar said that Rs. 750 Million salaries are being paid monthly to the employees of closed steel mil. Employees will get Golden Handshake an average of Rs. 2.3 Million will be paid to each employee.
PSM was founded by former prime minister and founder of Pakistan Peoples Party Zulfiqar Ali Bhutto in December 1973. Before 2008 PSM was in profit and after the Govt of Pakistan Peoples Party PSM was in loss. In 2013 Pakistan Muslim League (N) was came into power. In this tenure PSM was shut down and the employees was still getting salaries.