Over Rs11bn Value of Recurrence of retired PSM Workers approved by govt


The Rs11. 44-billion amount was expected to be sufficient to cover 90percent of their outstanding dues of the PSM’s retired workers. The News/Files

ISLAMABAD: Over Rs11 billion value of recurrence of retired Pakistan Steel Mills (PSM) workers were accepted by the authorities on Friday.

The Rs11. 44-billion  sum was expected to be sufficient to cover 90percent of their outstanding dues of their state-run company’s retired workers.

The approval comes a couple of days prior to a Sindh High Court (SHC) deadline to pay the dues to the retired workers was set to expire. Earlier in May, the court had directed the national authorities along with the PSM to deposit each the workers’ outstanding post-retirement gains by August 31.

As stated by the high court, the accounts/funds of the national government could have been connected for settlement of their dues when the national government failed to obey the court order.

The management came on petitions filed by Syed Umar Baqi and 850 other employees of the PSM who’d transferred the SHC from the non of the gratuities, leaves encashment and provident funds because May 2013.

The adviser for the retired workers, Haseeb Jamali, had advised the court the gratuity and the provident funds of their retired workers hadn’t been compensated from the PSM despite court orders. The PSM had rented its property worth billions of rupees, he explained, however, the retired workers were to be compensated their retirement benefits and other dues.

The SHC’s division bench, led by Justice Nadeem Akhtar, took exception to the non of outstanding dues of their retired PSM employees.

At the hearing, the national law officer had put to record a statement issued May 18 and a report filed by the finance secretary and cabinet branch secretary.

He filed that the ministry of businesses, so as to abide by the court directives, had filed an overview to the financial bond committee of the cupboard for its settling the obligations of ex-PSM workers who had approached the court along with an quantity of Rs12. 741 billion was approved for this purpose.

He explained 10percent of the sum, that was Rs1. 30 billion, was to be published in the very first week of May 2020 from the present financial year of 2019-2020 and the rest 90percent sum of the claim could be allocated from the budget of the upcoming fiscal year of 2020-21.

The counselor of the PSM verified the aforementioned position and undertook the aforementioned 10% figure would be disbursed/paid just for the post-retirement advantages of their retired workers and will not be utilized for any other purpose.

The fund joint secretary along with the cupboard additional secretary had assured the court that the staying 90percent of the approved claim will be deducted by the national government prior to the nazir of this courtroom by August 31.

The court had directed the PSM to submit in 15 times an entire collection of those claims of retired workers who hadn’t approached the courtroom and had adjourned the hearing of this court until September 3.

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