ECC approves Rs18 billion to sack 9,350 employees of Pakistan Steel Mills

ISLAMABAD (92 News) – The Economic Coordination Committee (ECC) has approved a grant of Rs18 billion to sack 9,350 employees of Pakistan Steel Mills. The decision was made during a meeting of the ECC presided over by Adviser to Prime Minister on Finance Abdul Hafeez Sheikh on Wednesday. The PSM employees will be given the golden handshake. Each employee will get Rs2.3 million in the wake of the golden handshake with a one-month notice. Moreover, 250 employees will continue to work for three months for the implementation of the plan. Meanwhile, the ECC approved supplementary grants for different departments. It also approved a grant of Rs4 billion to be paid to a company tracing assets of politicians abroad. A technical grant of Rs8.84 billion has been approved for the western border management which will be spent on the capacity-building of civil armed forces. A technical grant of Rs200 million has approved for the Federal Board of Revenue.