Supreme Court Directs Labour Court to Decide PSM Employees Matter

The News reported that the Supreme Court of Pakistan last week directed the Labour Court to proceed with the issue of retrenchment of employees of the Pakistan Steel Mills, within three months in accordance with the law. A three-member bench of the apex court headed by Justice Ijazul Ahsan issued an order in an appeal filed by the Pakistan Steel Mills against the order of the Sindh High Court, promoting some 76 employees of the PSM. The court directed the ministry of industries to file a report within a week regarding the proposed retrenchment of the employees of Pakistan Steels, who are still on the payroll of the said companyThe court also directed the ministry of industries to file a report within a week pertaining to the proposed retrenchment of employees of the PSM, who are still on the payroll of the steel company. The Additional Attorney General submitted that 2299 employees are still on the payroll of the PSM, who are being paid from the grants received from the federal government, which amounts to PKR 1 billion per monthThe Privatization Commission submitted a report stating that the core operative assets of the PSM are being transferred to the Steel Corporation Private Limited, which is special purpose vehicle. The report further stated, that such assets would be considered free of all encumbrances, charges etc. Offers have been invited from suitable private investors, who will be required to make capital investment to revive the existing steel plant by bringing it in line with modern technology, besides creating ample job opportunities. The process is likely to take some time, but it is expected that it would be completed by the end of this financial year

Supreme Court Directs Labour Court to Decide PSM Employees Matter

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