State Bank employees get 30pc pay raise

ISLAMABAD: The State Bank of Pakistan (SBP) has increased the salaries of its employees by 30 percent, with effect from July 1, 2023, ARY News reported on Monday.

Sources told ARY 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.

Earlier in November, Senators had raised concerns over the ‘hefty salaries’ of SBP employees, with State Bank governor getting a salary of Rs4 mln/month.

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.