The board of directors of National Bank of Pakistan (NBP) have approved up to 20 percent increase in pension to the retired employees. Those who have retired on or before December 31, 2001 will get an increase of 20 percent while those who retired by December 31, 2003 and December 31, 2005 will get 15 percent and 10 percent increase in their pensions respectively.
The board was sympathetic to the genuine expectations of the retired employees keeping in view the increase in the cost of living index.
The board also approved payment of profit bonus of 1.5 times the basic pay to all employees of the bank based on the financial results of 2005. Further, considering the substantial improvement in the performance of NBP over the last five years as reflected by very impressive financial results, external recognition and overall improvement in the operating environment of the bank, the board approved an additional bonus of one basic pay to all employees in recognition of their meritorious services. For the performance of 2005 the employees were already paid three bonuses earlier. This was an all time high performance bonus to the employees in the history of National Bank.
The board also approved the appointments in regular cadre of dependants of such employees who died in the recent earthquake in Northern Areas. The bank has already contributed over Rs 125 million towards relief efforts for the earthquake victims.-PR