Pakistan Steel Mills fires another 500 employees ...palestine

The Pakistan Steel Mills has dismissed another 500 of its employees, according to a PSM letter seen by SAMAA TV. These sacked staffers included all 155 employees of the PSM medical department. In November 2020, the PSM laid off over 4,500 employees as part of a cost reduction exercise. The foundry has been closed since 2015. It has been incurring losses worth Rs100 million a day. Its deficit had reached Rs212 billion by June 30, 2020. In its response, the PSM Stakeholders’ Group said the recent dismissals were a violation of court orders. The PSM had 16,700 employees in 2015. Of them, nearly 7,000 have retired. It has so far sacked 5,000 employees.

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Last updated : 22 March 2021 clock 08:01 PM

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