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PSM agrees to pay two-month salaries..
Date: 2014-12-10

PSM agrees to pay two-month salaries..

KARACHI: Cash-strapped Pakistan Steel Mills (PSM) on Monday agreed to pay two months salaries to around 15,500 employees ...after majority of them staged a sit-in protest outside the chief executive officer’s office, sources said.

Chief executive officer of Pakistan Steel Mills, Zaheer Ahmed has offered the mills’ employees to take one-month salary on Tuesday or take two months’ salary on Friday… employees opted for the Friday’s option,” a source said.

“The employees end their day-long protest at around 7:30 in the evening after reaching an agreement with the management,” he added. “The PSM workers were represented by leaders of Pakistan Steel Labour Union while the elected CBA of Pakistan Steel was not present at the site of the protest..

Total cumulative losses of Pakistan Steel Mills has reached at Rs260 billion since July 2008. “During the first two-years of current government of Pakistan Muslim League, the mills has incurred losses to the tune of Rs55 billion,” the source said.

The Economic Coordination Committee in last April approved a restructuring plan for the PSM amounting to around Rs 19 billion. The plan envisages achieving 77 percent capacity of the PSM until June 2015

Out of total bailout package, the mills have received a total of Rs13.5 billion in the last five tranches to date. Besides, it has sold finished goods worth around Rs3.15 billion in the last five-months.

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