KARACHI: The employees of Pakistan Steel Mills (PSM) will be able to draw their salaries soon as the mills has received 5th instalment of Rs1.750 billion under the bailout package.
According to PSM spokesperson Shazim Akhtar, the said amount will be used to pay around 16,000 employees’ pending salaries from 15th of July to 31st of August before Eid. About failure in achievement of 30 per cent production target in September, he explained that the mills’ production had reached 25pc till 20th of this month, adding that after receiving instalment, the 30 per cent production target would be achieved by the next week.
With the 5th instalment, the mills has so far received Rs13.52bn out of approved Rs18.5b bailout package.
