ECC approves golden handshake plan for PSM employees: sources

ISLAMABAD: The Advisor to Prime Minister on Finance Abdul Hafeez Shaikh has approved plan for golden handshake to the employees of the state-owned Pakistan Steel Mills (PSM), citing sources, ARY News reported on Wednesday.

The plan was approved by PM’s aide on finance Abdul Hafeez Shaikh while chairing the meeting of Economic Coordination Committee (ECC) to discuss a six-point agenda today. The committee also approved Rs19.65 billion funds for golden handshake plan for PSM employees.

Moreover, Rs11.6 billion funds were allocated for the clearance of dues of non-petitioner employees of the state entity.

Read: PC approves transaction structure for revival of PSM

In another decision, ECC decided to double gas meter rent from Rs20 to Rs40 besides directing authorities to receive one-third dues of Gas Infrastructure Development Cess (GIDC) from consumers. A total of Rs22 billion will be received by the government in term of dues clearance.

However, domestic, commercial, tandoor, cement and urea sectors will be given exemption from the cess, said sources.

The ECC also mulled over the Oil and Gas Regulatory Authority (OGRA) recommendations with regard to the sale price of natural gas to the gas companies.

Read: ECC approves payment of salaries to PSM employees

Meanwhile, OGRA increased the prices of Liquefied Petroleum Gas (LPG) up to Rs2.87 per kilogram, according to notification for renewed rates of LPG for October.

Following the hike in gas rates, an increase of Rs33.90 was made on an LPG cylinder, whereas, Rs1,416.29 was fixed for 11.8 kilograms domestic cylinder. The previous price of LPG cylinder was 1,382.38 for September.