ISLAMABAD: The federal cabinet has granted approval for Rs 620 million for the salaries of Pakistan Steel Mills (PSM) employees.
According to sources, Pakistan Steel Mills will issue salaries to its employees for the first six months of the current fiscal year. They will disburse Rs 620 million from the Pakistan Steel Mills’ Rs 10 billion fund.
Currently, Pakistan Steel Mills employ over 3,100 workers. They have dismissed 5,679 employees from their jobs.
On September 19, the Economic Coordination Committee (ECC) granted authorization to the Finance Division to approve the payment of the projected net salary for the first six months of the Financial Year 2023-24. The Finance Division will make this payment in accordance with Pakistan Steel Mill’s salary demand. They will utilize the already approved budgetary allocation of Rs. 10 billion.
