ECC Allows Firing of Pakistan Steel Mill Employees with Golden Handshake
According to the details, 9,350 employees will be fired within a month, and 250 employees will be let go of in 3 months - a Rs 20 billion package has been approved as the golden handshake.
Recently, the Economic Coordination Committee (ECC) released on a decision on June 3 to approve firing of all employees of Pakistan Steel Mill with a Golden Handshake. However, the decision will only be implemented after getting the approval from the Federal Cabinet.
According to the details, 9,350 employees will be fired within a month, and 250 employees will be let go of in 3 months. The ECC is chaired by Prime Minister’s Adviser for Finance Revenue Dr Abdul Hafeez Sheikh, who approved a Rs 20 billion package for all the employees, making it around Rs 2.3 million per person.
The decision to fire all the employees from Pakistan Steel Mill came after observing the mills operations; the mill has not been functioning for years and the employees are not doing anything. Even though the mill has not been functioning for many years now, they are running in a deficit of Rs 550 billion, and many billions are being spent to service the debt.
At the moment, the net salary bill of all the Pakistan Steel Mill employees is around Rs 350 million per month, which is adjusted as a loan in the Pakistan Steel Mill accounts. From the year 2013, a total of Rs 34 billion has been loaned to the company by the government for net salary payments.
Is the timing of the ECC’s decision to fire Pakistan Steel Mill employees with a golden handshake right? What do you think? Let us know in the comments!
To read about the Lahore Marriage Hall Associations’s ultimatum to government, click here.
About Us:
Runway Pakistan is a complete solution provider for all your marketing communications related requirements. The ultimate hub of infotainment – Runway composes of all the key offerings – Monthly Print Magazine, Digital Magazine, Media Production, Creative Agency, PR Agency and Marketing Consultancy that a brand needs to be seen, heard and known!
Like and follow our Facebook page:
