The State Bank of Pakistan has increased employees’ salaries by 30 percent, effective from July 1, 2023. Different levels of staff received varying percentage increases, with pensionable BPS1-8 employees receiving a 15 percent raise and non-pensionable BPS2 officers receiving a 30 percent increase. Concerns about high salaries were raised by Senators previously. Khabristan.PK
ISLAMABAD: The State Bank of Pakistan (SBP) has increased the salaries of its employees by 30 percent, with effect from July 1, 2023, News reported on Monday.
Sources told News that the decision was taken during a meeting of SBP’s Board of Directors, chaired by State Bank Governor Jameel Ahmed.
Sources claimed that BPS1-8 employees with pension got 15pc increase in their salaries while the salary of non-pensionable BPS2 officers increased by 30pc.
Moreover, the salary of BPS3-5 officers without pensions has been increased by 25pc.
The salary of non-pensionable BP6 officers has been increased by 20pc while the salary of non-pensionable officers of BPS7 -8 increased by 15pc.
During a session, Senators said it has been revealed that the SBP governor, who is a grade-8 employee, is getting Rs4 million monthly salary.
“We are getting a monthly salary of Rs160,000 and a grade 8 employee of the SBP is getting Rs4 a monthly salary”, the Senators asked.
Caretaker finance minister Shamshad Akhtar responding to the concern said salaries in the private banking sector have gone up a lot.
“Salaries in State Bank are higher than Finance Ministry and Senate,” Shamshad Akhtar admits. The salary structure of the central bank is different from others across the world, she added.
Ms Akhtar said SBP gave a policy to increase salaries if pension rule was being abolished.
State Bank employees across the country are rejoicing as news of a substantial 30% pay raise has been announced. The highly anticipated raise comes after a rigorous review of the bank’s financial performance and is a testament to the hard work and dedication of the employees. The raise is a significant step towards ensuring that the valuable contributions of the employees are duly recognized and appreciated. This move is set to enhance the morale and motivation of the workforce, ultimately leading to increased productivity and overall job satisfaction. Employees are looking forward to the positive impact this raise will have on their lives and families, as well as the long-term benefits it will bring to the bank as a whole. It is indeed a well-deserved recognition of the commitment and effort that State Bank employees consistently put into their work.
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