- Reuters
- 4 Hours ago

State Bank of Pakistan announces up to 30% salary raise for employees
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- Web Desk
- Dec 18, 2023

WEB DESK: In a significant move, the State Bank of Pakistan (SBP) announced a 30 per cent increase in salaries for its employees, effective July 1, 2023.
This decision was reached during a pivotal meeting of the SBP’s Board of Directors, presided over by State Bank Governor Jameel Ahmed.
According to ARY News, the salary adjustments vary across different employee categories. Employees in the BPS1–8 range, coupled with pensions, received a 15 per cent increase.
Meanwhile, non-pensionable BPS2 officers saw a substantial 30 per cent rise in their salaries.
Further details revealed a 25 per cent increase for BPS3-5 officers without pensions and a 20 per cent raise for non-pensionable BP6 officers.
Additionally, non-pensionable officers in the BPS7-8 range experienced a 15 per cent boost in their salaries.
This development comes on the heels of previous concerns raised by Senators in November regarding what they deemed the ‘hefty salaries’ of SBP employees.
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Notably, during a session, it was disclosed that the SBP governor, a grade 8 employee, was receiving a monthly salary of Rs4 million.
Caretaker Finance Minister Shamshad Akhtar acknowledged these concerns, stating that salaries in the private banking sector have witnessed a substantial increase.
She highlighted that the salary structure in the State Bank surpasses that of the Finance Ministry and the Senate.
Ms Akhtar explained that the SBP’s salary framework differs from that of other central banks globally, highlighting that the policy to increase salaries was implemented in response to the abolition of the pension rule.
