Cabinet approves Rs620 m for PSM employees salaries

ISLAMABAD: The federal cabinet has approved Rs 620 million the salaries of Pakistan Steel Mills (PSM) employees, ARY News reported citing sources.

According to sources, the PSM employees will get salaries of first six months of the current fiscal year.

Sources said that Rs 620 million will be issued from the Rs 10 billion fund of Pakistan Steel Mills.

Currently, over 3,100 employees are working in Pakistan Steel Mills where as 5,679 employees have been dismissed from their job.

On September 19, the Economic Coordination Committee (ECC) authorized Finance Division to approve the payment of projected net salary for the first six months of the Financial Year 2023-24 to be disbursed according to the salary demand of Pakistan Steel Mill (PSM) for every month from already approved budgetary allocation of Rs. 10 billion.