The ministry of steel has agreed to a proposal to introduce a pension scheme for employees of all steel public sector undertakings which would benefit over 94,000 serving and 56,000 retired employees.

Retrospectively effective from January 2007 for executives and January 2012 for non-executives, it would impact employees of companies like Maharatna PSU Steel Authority of India Ltd, Rashtriya Ispat Nigam Ltd, MSTC, Ferro Scrap Nigam Ltd (FSNL), Metallurgical and Engineering Consultants Ltd (MECON) and Kudremukh Iron Ore Company Ltd (KIOCL).

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