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Authorities determined to denationalise Metal Mills because it grew to become a ‘white elephant’: Azhar

by Pakistan Latest News Update

He mentioned that PSM workers had not been working for the final a few years and now they’d get a monetary bundle of round Rs2.three million per worker as compensation. Moreover, he mentioned, workers may additionally contribute to productiveness within the personal sector.
He was addressing a press briefing together with PSM Chairman Amir Mumtaz and Managing Director Sher Alam. Azhar mentioned that the PSM turned from a profit-making establishment to 1 that was working in losses within the 2008-09 tenure of the PPP authorities and its operational works had been shut down throughout the PML-N authorities.
He mentioned that at one stage, the PSM had 30,000 workers out which many workers had retired and now there have been an estimated 9,000 workers working for the mill. He mentioned the PSM was closed for the final 5 years and former governments couldn’t devise any plan for it.
The minister mentioned that the federal government needed to spend Rs55 billion to pay salaries to workers of a closed mill. He mentioned when the PTI authorities got here into energy, the Pakistan Metal Mills was dealing with a lack of Rs176 billion and its curiosity was additionally growing with every passing day.
Azhar mentioned that the earlier governments couldn’t deal with this difficulty, subsequently, the current authorities needed to take the ultimate determination in regards to the destiny of the mill within the bigger curiosity of the nation.
The minister mentioned that with this determination, the federal government would save Rs700 million of the folks’s hard-earned taxes a month. He mentioned that the Supreme Court docket additionally questioned why the federal government was paying the employees of a closed mill.
He mentioned that round 15 events had been thinking about taking up the operational work of the PSM mission. He clarified that solely the operations of PSM could be privatised whereas 1000’s of acres of land would nonetheless stay within the custody of the PSM company.a

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