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KARACHI: Pakistan Steel Mills (PSM) Management has deposited another installment of Rs 35.4 million in respect of Employees Old-Age Benefits Institution (EOBI) dues.

During the last two weeks, cumulatively Pakistan Steel Management has deposited Rs 105 million with EOBI for retired employees.

Pakistan Steel Management has deposited Rs 50 million as 1st installment on January 19, 2021, then 2nd installment of Rs 20 million on January 25th and now 3rd installment of Rs 35.4 million had been submitted to the Regional Head Office of EOBI.

The present management of Pakistan Steel is working hard to pay all the outstanding dues to EOBI.

According to the spokesperson, Pakistan Steel has not been able to deposit the amount of monthly deduction since 2015 due to financial problems. This amount was deducted from the monthly salaries of the employees but Pakistan Steel did not deposit this amount to the EOBI.

The management of Pakistan Steel has created internal resources by reducing its expenses keeping in view the long patience and hardships facing of the employees. This initiative will increase the pensions of the families of retired and deceased employees.

Management of Pakistan Steel has taken this step on priority basis and made possible the payment of third installment. The deposit of this amount will also increase the EOBI amount received by the employees. Pakistan Steel Management has expressed its determination to continue to provide all possible relief to the employees in the light of the policy of the Government of Pakistan.

Copyright Business Recorder, 2021

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