ISLAMABAD: After a long wait of around 15 years, the government has decided to revise and increase the salaries of Pakistan Steel Mills (PSM) employees to align them with current public sector pay scales, reliable sources told Business Recorder on Friday. According to the sources, the Ministry of Industries and Production and the Board of Directors (BoDs) of PSM have, in principle, agreed to and approved the recommendations for increasing the salaries of Steel Mill employees. The officials said the increase in salaries will be effective once the Ministry of Finance is giving approval which subsequently will be sent to the federal cabinet and likely in February 2026 the PSM employees will receive the revised salaries which were stalled since 2011. PSM at present has a total 950 employees the number once was around 17,000. Now the total financial impact of brining the salaries of the PSM at par with the salaries of other state entities will be Rs1 billion. The official said that the increase in salaries will be applicable for current salaries as the employees will not get arrears of the past 15 years. The officials further said that the government has reached advanced stage of reviving the PSM through local as well as international investors but the mode will be Public Private Partnership. Copyright Business Recorder, 2026