Pakistan Steel Mills (PSM) employees, management have approached Sindh High Court (SHC) seeking further layoffs.
As per details, PSM employees, management have contended that due to dire financial circumstances it is not feasible to run PSM operations.
They have sought SHC approval for further 50 per cent layoffs to ease the financial burden on the institution.
The petition has requested court to allow further layoffs under Section 11A as the institution is in dire need of downsizing and key reforms.
The court has adjourned the hearing till January 6th 2021.
It is to be noted that SHC has already turned downed the petition filed against the sacking of more than 4,000 PSM employees.
Earlier, Federal Minister for Industries and Production – Hammad Azhar announced that the government will sell 1,300 acres of (PSM) land.
Expressing his views on the layoffs, federal minister noted that, each PSM employee that has been laid off will receive RS 2.3 million. A total of Rs 10 billion will be paid to the employees who have lost their jobs, he said.
