The National Bank of Pakistan (NBP) has announced a 27 percent pay increase to the banks employees.
The NBP management and the bank's CBA representatives signed an agreement on the pay package. The pay package ceremony was held at a local hotel, which was attended by the CBA representatives from all over Pakistan.
The President, NBP, Syed Ali Raza also graced the occasion together with Dr Mirza Abrar Baig, SEVP and Group Chief, HRM&AG.
The salient features of pay package announced by the NBP includes a 10.5 percent consolidated increase for the year 2006 and 11.5 percent increase for the year 2007 in basic pay. Further five percent additional criteria increase has been given to the eligible clerical and non-clerical staff. The house rent has been increased by 2.5 percent and an increase in cost of 15 litres towards petrol ceiling. The education allowance has been increased to a maximum of Rs 2250 per month while house building finance has also been increased for the non-clerical staff. Statutory bonus and other bonuses have also been increased on the basis of revised basic pay.
The president NBP in his speech lauded the role of the CBA representatives and appreciated their contribution in maintaining the industrial peace. He also thanked the employees for their contribution in the achievement of bank's record operational profitability in which every staff member and employee of the bank contributed.
He informed that the bank today is now truly an international financial institution with strategic franchises in Middle East, South Asia and major SAARC member countries. The central positioning of the bank in future high potential energy and trade corridors will make it the strongest financial institution in the region. He also elaborated the salient features of Rozgar Scheme, which will be formally launched from July 25, 2006 and will provide employment opportunities to a large segment of the country's population.
Earlier in his welcome address, Dr Mirza Abrar Baig, SEVP and Group Chief, HRM&AG welcomed the CBA representatives and thanked them for their co-operation and understanding. He informed the president that CBA's contribution in maintaining industrial peace within the bank has been exemplary. He also informed the participants of the HR initiatives taken to date, which has made the bank "An employer of choice".-PR