Abb Takk News

ECC approves release of salaries to PSM employees

ISLAMABAD: Economic Coordination Committee (ECC) has  approved releasing  one and a half month salary to Pakistan Steel Mills employees as well as reduction in gas prices for power stations and IPPs after decreasing the prices for industrial sector.

The meeting of the Committee was held in Islamabad today with Finance Minister Ishaq Dar in the chair.

Privatization Division sought approval of 570 million rupees for payment of 50 percent remaining salary for the month of August 2016 amounting to 190 million rupees and 380 million rupees for the month of September 2016.

The Ministry of Petroleum and Natural Resources proposed reduction in gas sale price for Power Stations and Independent Power Producers from 613 rupees per MMBTU to 400 rupees per MMBTU and General Sales Tax to be charged at the rate of 100 rupees per MMBTU on gas sale.

The Ministry stated that the revise decision in this context will not only result in elimination of price disparity to a large extent but will also reduce electricity generation cost in the country which will provide relief to electricity consumers across the board.