KARACHI: The Economic Coordination Committee (ECC) on Wednesday approved to give golden handshake to all employees of the Pakistan Steel Mills.
The meeting of the committee chaired by Adviser to Prime Minister on Finance Abdul Hafeez Sheikh said that the steel mill was not productive for last several years and employees had not much work to do, hence there was no reason to carry on with it.
250 out of 9,350 total employees would be let go in three months, while rest of the employees would be given golden handshake.
The ECC had approved Rs18 billion for the employees, which is equal to Rs2.3 million per employee.
Sources said that the government will take approval from the Supreme Court regarding giving the employees golden handshake.