The Economic Coordination Committee (ECC) has decided to lay off all the employees of Pakistan Steel Mills.
The ECC meeting chaired by Finance Advisor Abdul Hafeez Sheikh ended on Wednesday. All employees of Pakistan Steel Mills fired at ECC meeting
Employees of Pakistan Steel Mills will be given a package of Rs 18 billion. More or less Rs 23 lakh per employee will be compensated. However, 250 employees will continue to work for 120 days to implement the plan.
Pakistan Steel Mills currently has a debt and deficit of Rs 585 billion with a deficit of Rs 300 billion. Pakistan Steel Mills was paying Rs. 35 crore in salaries at that time. Rs. 90 crores is paid in monthly interest. There are other expenses of Rs. 90 crore including transport and medical. The government wants to restructure and privatize.