LAHORE - Inflation is a global phenomenon that has impacted many countries worldwide resulting in high fuel prices. Pakistan is also witnessing unprecedented economic turmoil, with inflation rate rising at an exponential rate. Keeping in view the current economic situation and the vision of the Pakistan government to support low paid population through various possible initiatives during these challenging times, the Bank of Punjab has taken positive measures for its employees.
The Bank of Punjab has also taken a number of initiatives for the welfare of its staff at clerical and non-clerical levels as well as lower grade employees. These measures are driven by the spirit of empathy to support our colleagues and the country at large, playing our due part as responsible employees of a corporate organization:
- Salary increment up to 10% of basic salary for Officer Grades is provided in line with the bank’s commitment to align salaries of its employees with market standards and to provide relief in these testing times. This relief is provided to employees where the salary of an employee is lower than the desired percentile at this level.
- Salary increment for Clerical/Non-Clerical/Outsourced resources to bring them at par with the highest minimum wage applicable in any province which is PKR: 25,000. This initiative intends to bring some further relief to the category of staff who are at the base of the pyramid and require support.
- Capping of fuel price: In response to the escalating fuel prices as a result of global pressures, the management has decided to cap the price of fuel while absorbing recent price increases for middle and lower management.
The above measure is focused to create some space at the top levels and bring a balance in measures adopted for better management of expenditure.