ISLAMABAD: The Senate standing committee on Industries and Production (MoI&P) on Wednesday constituted a three-member sub-committee headed by federal minister, Hammad Azhar. to revisit PSM proposed sell –off plan.
The sub- committee will also give final touch to the payment mode for retrenched workers of PSM.
The committee will submit its report to the standing committee of the senate in a week.
The meeting with Senator Ahmed khan in chair was attended by senator Sirajul haq of Jamaat Islami (JI), senator Muhammad Ali Saif, senator Sitara Ayaz of Awami National Party (ANP) and other members of the committee and senior officials of MoI&P.
The committee lauded the role as chairman of Colonel (R) M Afzal and general (R) Abdul Qayyum and noted that the mills made progress and earned profit during their tenure.
PSM had been a profit-making entity for first almost 23 years but with political intervention and policy of looking after the vest interest by the respective managements turned it into a loss-making entity. Now its accumulative loss runs in billions of rupee and the mills has become dormant since 2008.
Now PTI government instead of taking corrective measures to again make it a profit earning unit is going for its sell-off. In order to make it a attractive entity to buy, it has laid off around 9350 employees. The federal cabinet and Economic Coordination Committee (ECC) of the cabinet has already approved retrenchment of the workers and its subsequent sell-off.