PR No. 50 Islamabad: September 7, 2016

The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet here at the Prime Minister’s office on Tuesday morning.

In order to facilitate the employees of PSM on the occasion of Eid-ul-Azha, ECC considered and approved two months salaries amounting to Rs. 760 million for the employees of Pakistan Steel Mills. The salaries will be paid before Eid as directed by the Chair.

For the retired PSM employees the provision for Gratuity fund and Provident fund amounting to Rs.322.021 million was also approved by ECC. The Gratuity payment to the retired Steel Mill employees was due since April 2013 and Provident Fund since April 2015. The meeting was informed that all the payments on both these accounts are cleared before the above mentioned period.

ECC also approved the proposal by Ministry of Petroleum and Natural Resources, allowing PSO to proceed for finalizing the Addendum to the existing product sale and purchase contract with Kuwait Petroleum Corporation for supply of furnace oil and jet fuel with the direction to make efforts to improve the payment terms.

For the upcoming SAARC conference and other future events, ECC also approved the exemption from all taxes and duties on the import of armoured and security vehicles for international dignitaries.