The Federal Government has instituted a sizeable bail out package by releasing the funds to pay long arrears of employees of Steel Mills. As per the officials, Rs. 2.87 billion has been given out to help offset these pending financial commitments.
The Ministry of Industries and Production had previously offered a request to the federal authorities to make such a disbursement. On the request, ECC approved the issuing of funds. The money has been advanced to Pakistan Steel Mills as a loan with conditions of payment up to 20 years. The business will be in charge of the payment of the loan with the interest charged within the time set.
As per sources close to the matter, this call was made in order to cover urgent relief to the workforce by ensuring that they are paid in time. This measure should allow relieving the financial burden of its employees and stabilizing the situation with the government.
Read more: Govt Clears Rs. 935.78M in Salaries for Steel Mill Workers
The recent monetary boost has re-strategized the states position in ensuring that the economic struggles surrounding the cultural powerhouse are addressed. This assistance emphasizes how the government takes care of the rights of Steel Mills employees and their livelihoods.
