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Pakistan Steel Mills dropped from privatisation list, employees to get four months of salaries

Photo: AFP

The cabinet’s Economic Coordination Committee approved four months’ salaries for employees of the Pakistan Still Mills (PSM) as it dropped the loss-making government enterprise from its privatisation list.  

The ECC, a top government body on economic decisions, held a meeting on Wednesday in which it decided to drop PSM from its list of government-owned companies that were put under its privatisation plan.

Besides approving the September salary, the ECC also made arrangements to release the salaries for another three months so the employees don’t have to wait for the next meeting to get the approval. The ECC also approved Rs1 billion for employees’ widows to clear their dues pending for the last four months.

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Chaired by Finance Minister Asad Umar, the ECC issued directives to prepare a plan to restructure the mills.

Among other issues, the ECC also approved the import of 50,000 tons of urea in January and gas supply to Fatima Fertilizer and Agritech, which faces a shortage between November and February.

The ECC also directed the provinces to keep a check on cement prices, explaining that some dealers were involved in price hikes.

The meeting also discussed the receivables of Pakistan State Oil. The state-owned oil giant’s receivables have reached Rs320 billion. A consortium of Islamic commercial banks agreed to fund PSO so it could continue its import of petroleum products. The consortium will provide Rs200 billion to PSO.

 

 

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