ISLAMABAD-The federal government has disbursed Rs 24.42 billion among the retired employees of PSM who have been waiting for their payments since 2013. 

The retired employees have expressed their gratitude to the Prime Minister of Pakistan and Muhammad Hammad Azhar, Minister for Industries and Production, for alleviating the hardships of retired employees in their old age. It is informed that the government has released an amount of Rs. 24.42 billion in two tranches amounting to Rs. 12.741 billion and Rs. 11.680 billion respectively. The total number of the retired employees who received their post retirement dues is 7594 with an average amount of Rs 3.22 million (approx.) per employee.

Prior to this, the present government has paid Rs 1.26 billion in January 2019 for the assistance of families of the deceased employees of PSM. It is pertinent to mention that PSM has not been generating income since 2015 due to its closure. Realizing the plight of the retired employees of PSM, the government has made a huge payment of Rs. 24.42 billion which has been overdue since 2013. The government is trying to revive the operations of PSM and the case of its transaction structure is expected to be submitted for the approval of the Economic Coordination Committee (ECC) of the Cabinet in next few weeks.