ECC approves two-month salary for PSM employees

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ISLAMABAD, May 07 (APP): The Economic Coordination Committee (ECC) of the Cabinet Saturday accorded approval for payment of two months salaries to the employees of Pakistan Steel Mills, amounting to Rs 858 million.
The ECC, which met here with Finance Minister Senator Mohammad Ishaq Dar in the chair, also allowed WAPDA to raise a loan of Rs 25 billion from local banks under the sovereign guarantee of the Government of Pakistan for making payment of arrears for Net Hydel Profits (NHP) to the Khyber Pakhtunkhua (KP) government, during the current fiscal year 2015-16.
A total amount of Rs 70 billion was settled between the federal and
KP governments on account of uncapped NHP as full and final settlement of the claims.