Ministry of Finance releases two months’ salary of Pakistan Steel Mill Employees

The Ministry of Finance has released two months’ salary of Pakistan Steel Mills workers amounting to Rs 780 million.

Last month Economic Coordination Committee has approved salaries for two months’ but due to red bureaucratic hurdles the salary which was approved failed to release on time. However, now the ministry of finance has released the amount and Pakistan Steel Mills has also transferred the amount to the employees of the unit.

The employees of the state-run company have already in the deficit of three months. Before the release of the amount, the workers were anxiously waiting for the amount where total outstanding have been reached to five months.

The steel mills which was the profitably entity a decade ago now running into the huge losses. The overall loss of Pakistan Steel reached around Rs 450 billion and for over two years, the operation of the plant has been shut down