KARACHI: Pakistan Steel Mills management has deposited the second installment of Rs 20 million in Employees Old-Age Benefits Institution (EOBI).

PSM has deposited the second tranche in the form of 13 cheques for retired employees on January 25th, 2021, using its internal resources. Earlier, on January 19th, 2021, the first installment of Rs. 50 million was submitted by PSM to the Regional Head Office of EOBI.

According to the spokesperson for PSM, Corporate Secretary of PSM has assured that the present management of Pakistan Steel is working hard to pay all the outstanding dues of PSM to EOBI.

PSM has not been able to deposit the amount of monthly deduction since 2015 due to financial problems, although this amount was being deducted from the monthly salaries of the employees. The present management of Pakistan Steel has created internal resources by reducing its expenses to help alleviate the hardships of retired employees. This initiative will increase the pensions of the families of retired and deceased employees.

Copyright Business Recorder, 2021