BR reported that the ministry of finance has released PKR 2 billion as special grant for employees of Pakistan Steel Mills. The amount is likely to be transferred into PSM account sometime this week. The grant was announced by Prime Minister Mr Raja Pervez Ashraf during his visit to PSM last month.

Major General Muhammad Javed (Retired) CEO of PSM has confirmed that the ministry of finance has released PKR 2 billion for PSM workers. He said the amount is likely to be transferred in PSM account positively.

He said that the board of directors of Pakistan Steel will work out the mode of distribution of this special grant among employees. Talking about further payment under the Business Plan as per schedule, second instalment of PKR 5 billion is due in October 2012 and a major portion of second instalment will be spent on already pending payments and liabilities.

Mr Shamshad Qureshi chairman CBA said that the CBA's charter of demand for workers has already been approved by Pak Steel BoD, however it has been linked with the approval of the Business Plan'. Overall, the prime minister has announced an amount of PKR 3 billion of which PKR 2 billion have been released while PKR 1 billion will be released in June next year or at the time when production will reach 50 percent. Special grant for employees was announced by the Prime Minister but it was sanctioned by President Mr Asif Ali Zardari on the request of CBA.

Source - Business Recorder

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