PSMs life insurance advertisements


Yesterday I saw an advertisement from Pakistan Steel Mills for Group Life Insurance of Management and Executives of the Company. I found this very strange because PSM is closed for many years and is not producing any products. The company cannot pay the salaries of it’s over staffed workers, so why would they be asking for insurance and other perks? But then in the end I remember that PSM has special powers. The previous three governments, including the government of Pervaiz Musharraf, Asif Zardari and even Nawaz Sharif’s government have all failed miserably in fixing PSM. Neither could they get PSM to start producing, nor could they close down or privatize this organization.
In PPP’s government the different ministers paid more than 500 billion rupees to PSM for years. And now in this government, Finance Minister, Ishaq Dar has been paying the dead company billions of rupees via the ECC every other month. While getting such high free payments from the government, I guess the management need to spend these payments somewhere and since there is no production, the amount can only be spent on salaries and perks for the overstaffed company.