Govt allocates Rs620 million for Pakistan Steel Mills employees’ salaries

ISLAMABAD: In a significant decision, the federal cabinet has granted approval for the disbursement of Rs620 million in salaries to Pakistan Steel Mills (PSM) employees.

This development, according to reliable sources, pertains to the salaries for the first six months of the current fiscal year.

Sources within the government have disclosed that this substantial sum of Rs620 million will be sourced from the existing Rs10 billion fund allocated for Pakistan Steel Mills.

Presently, Pakistan Steel Mills employs more than 3,100 individuals; however, it is regrettable that 5,679 employees have been relieved of their jobs.

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This decision follows the authorisation given by the Economic Coordination Committee (ECC) on September 19th.

According to ARY News, the ECC granted the Finance Division the authority to approve the payment of projected net salaries for the initial six months of the financial year 2023–24.

These funds will be disbursed in accordance with the salary requirements of Pakistan Steel Mills on a monthly basis, utilising the previously sanctioned budgetary allocation of Rs10 billion.