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ISLAMABAD, Sept 7 (APP): The Economic Coordination Committee (ECC) of the Cabinet Wednesday approved Rs 760 million for payment of two month salaries to the employees of Pakistan Steel Mills (PSM).

The ECC, which met here with Minister for Finance Senator
Muhammad Ishaq Dar in the chair here at the Prime Minister’s Office, took the decision in order to facilitate the PSM employees on the occasion of Eid ul Azha. The salaries would be paid before Eid.

The committee also approved Rs 322.021 million for payment of gratuity and provident funds to the retired PSM employees.

The gratuity payment to the retired employees was due since April 2013 and provident fund since April 2015.
The meeting was informed that all the payments on both the
accounts were clear before the above mentioned period.

The ECC also approved the proposal by Ministry of Petroleum and Natural Resources, allowing Pakistan State Oil (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 directive to make efforts to improve the payment terms.

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