{"id":66185,"date":"2020-06-03T17:29:24","date_gmt":"2020-06-03T12:29:24","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=66185"},"modified":"2020-06-03T17:35:21","modified_gmt":"2020-06-03T12:35:21","slug":"ecc-approves-layoff-pakistan-steel-mills-employees","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/ecc-approves-layoff-pakistan-steel-mills-employees.html","title":{"rendered":"ECC approves layoff of all Pakistan Steel Mills employees"},"content":{"rendered":"\n<p>Islamabad: The Economic Coordination Committee (ECC) has approved the termination of all employees of the Pakistan Steel Mills (PSM) after giving a go ahead to the golden handshake scheme, according to a news source. The final decision in this regard will be taken by the federal cabinet.<\/p>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/www.zameen.com\/news\/sc-seeks-govts-response-privatisation-psm.html\" target=\"_blank\" rel=\"noreferrer noopener\">SC seeks govt\u2019s response on privatisation of Pakistan Steel Mills<\/a><\/p>\n\n\n\n<p>The decision was taken in a meeting chaired by Advisor to Prime Minister on Finance Abdul Hafeez Sheikh. Under the golden handshake scheme, some 9,350 PSM employees will be terminated in a month\u2019s time, while another 250 will be let go of in the next 3 months.<\/p>\n\n\n\n<p>The decision is meant to relieve off the extra expenditure, that the government has to pay, in the form of employees\u2019 salaries every month \u2013 as the mill\u2019s production has remained shut since June 2015.<\/p>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/www.zameen.com\/news\/govt-to-hold-psm-ownership.html\" target=\"_blank\" rel=\"noreferrer noopener\">Govt to retain control of Pakistan Steel Mills; partial revival on the cards: PSM Chairman<\/a><\/p>\n\n\n\n<p>Since June 2015, the number of PSM employees has declined from 14,753 to 9,350 at present. The government has been paying an amount of PKR 350 million in terms of salaries. The amount is adjusted as a loan in the PMS\u2019s financial account.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Economic Coordination Committee (ECC) has approved the termination of all employees of the Pakistan Steel Mills (PSM) after giving a go ahead to the golden handshake scheme, according to a news source. The final decision in this regard will be taken by the federal cabinet. Read: SC seeks govt\u2019s response on privatisation of Pakistan Steel Mills The decision was taken in a meeting chaired by Advisor to Prime Minister on Finance Abdul Hafeez Sheikh. Under the golden handshake scheme, some 9,350 PSM employees will be terminated in a month\u2019s time, while another 250 will be let go of in the next 3 months. The decision is meant to relieve off the extra expenditure, that the government has to pay, in the form of employees\u2019 salaries every month \u2013 as the mill\u2019s production has remained shut since June 2015. Read: Govt to retain control of Pakistan Steel Mills; partial revival on the cards: PSM Chairman Since June 2015, the number of PSM employees has declined from 14,753 to 9,350 at present. The government has been paying an amount of PKR 350 million in terms of salaries. The amount is adjusted as a loan in the PMS\u2019s financial account.<\/p>\n","protected":false},"author":18,"featured_media":63768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15012],"tags":[30838],"persona":[],"class_list":{"0":"post-66185","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-allied-industries","8":"tag-details-on-ecc-approves-layoff-of-all-pakistan-steel-mills-employees","9":"cat-15012-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ECC approves layoff of all Pakistan Steel Mills employees - Zameen News<\/title>\n<meta name=\"description\" content=\"Economic Coordination Committee has approved the termination of all employees of the Pakistan Steel Mills after giving go ahead to golden handshake scheme.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/ecc-approves-layoff-pakistan-steel-mills-employees.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ECC approves layoff of all Pakistan Steel Mills employees - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Economic Coordination Committee has approved the termination of all employees of the Pakistan Steel Mills after giving go ahead to golden handshake scheme.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/ecc-approves-layoff-pakistan-steel-mills-employees.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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