KARACHI, Feb 8: Pakistan Steel Mills (PSM) has clarified that the management had neither sacked nor laid off any employee by force as reported in a section of the press.
“In order to make PSM economically viable and dynamic during the process of financial and administrative restructuring, a Voluntary Retirement Facility Scheme (VRFS) was introduced with attractive benefits in addition to normal retirement benefits, for which thousands of employees have opted so far and number of strength came down from 20,533 in August 1999 to 13679 till date.
“Since PSM found it feasible to run with 12,500 employees, VRFS was further extended, but confirmed that no charge was ever issued, hence no question of withdrawal arose,” says a PS press release.— PPI
