The federal cabinet has granted approval for the disbursement of Rs 620 million to cover the salaries of Pakistan Steel Mills (PSM) employees, as reported by a private news agency.
This funding will cover the salaries for the first six months of the current fiscal year and will be sourced from the Rs 10 billion fund allocated for Pakistan Steel Mills.
At present, Pakistan Steel Mills employs over 3,100 individuals, while 5,679 employees have been terminated from their positions. Earlier, on September 19, the Economic Coordination Committee (ECC) had authorized the Finance Division to approve the payment of projected net salaries for the first six months of the Financial Year 2023-24. These payments will be disbursed according to the salary demands of Pakistan Steel Mill (PSM) on a monthly basis, utilizing the already approved budgetary allocation of Rs. 10 billion.
