| Welcome to Global Village Space

Thursday, February 15, 2024

How much will Steel Mill employees get after ‘golden handshake’ with government?

The ECC has approved a 'golden handshake' scheme in order to relieve all Pakistan Steel Mill employees; the committee also approved the salaries PSM employees

The ECC (Economic Coordination Committee) on Wednesday approved a ‘golden handshake scheme’ to relieve all of the employees of Pakistan Steel Mills, reported ‘Saama.’

The meeting of the ECC was chaired by Finance Advisor Abdul Hafeez Sheikh. The meeting decided to approve grants for various departments. It also granted Rs 8.8 billion for western border management to improve the efficiency of the civil armed forces.

Similarly, a technical grant of Rs200 million was also approved for the Federal Board of Revenue (FBR).

The ECC also approved Rs. 3.850 billion for salaries

On 24 September, the ECC had also approved Rs3.850 billion for Pakistan Steel Mills employees’ salaries for the financial year.

Read more: Pakistan Steel Mills: Sisyphean story of mismanagement, corruption & court interventions

The meeting of the ECC presided over by Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh. The meeting considered two separate summaries moved by the Ministry of Industries and Production.

Asian development bank to provide a loan

The summaries moved concerned the disbursement of salaries to the employees of PSM who have not approached the court (Sindh High Court), and for clearing the liabilities of the retired employees of the mill.

The meeting was informed that the retired employees of the PSM had already been paid Rs12.741 billion on account of retirement dues. The Court, however, had asked to pay as well to the non-litigant retired employees.

This would have added Rs11.68 billion more to the expenditure of the federal government, the meeting was told.

The ECC considered and approved two Technical Supplementary Grants (TSGs) for the

In order to administer the program, the Asian Development Bank shall provide a loan of US $100 million, and the additional US $5 million will be from the government of Norway as a grant administered by the ADB.

GVS News Desk