ISLAMABAD: The National Assembly’s Standing Committee on Industries was informed on Wednesday that pending dues of employees of Pakistan Steel Mills (PSM) would be cleared by June this year.

The committee, presided over by MNA Asad Umar, was informed by the PSM management that Rs10 billion to Rs12bn was expected from the National Industrial Parks, a state-owned company over the land leased from the PSM.

Mr Umar deplored that the incumbent government had not only failed to make any decision about the future of the PSM, but pensions and dues of serving and retired employees too had been curtailed for the past four years.

Outstanding pensions and other dues of PSM employees stood at Rs10.8bn by the end of June 2017 and out of it the government has paid only Rs1.4bn dues.

The committee was further informed that the fixed income of the PSM was around Rs130 million and its receivables were Rs60 million per month, and future planning was needed to bridge this gap.

The committee recommended that the government should provide a one-time payment to enable the PSM management to pay off all retired employees’ liabilities.

Mr Umar pointed out that the PSM was a profitable institution between 2001 and 2007. He said the incumbent government had yet to announce a decision about the fate of the entity.

Published in Dawn, February 1st, 2018