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Bank of Punjab sets Rs. 37,500 as Minimum salary for its Employees

Banking 11 May 2023 661 Views

According to the current economic conditions in Pakistan, the Bank of Punjab has announced that the minimum gross monthly salary for all their workers will be Rs. 37,500 nationwide.

Inflation has become one of the major concerns for the global economy. In Pakistan, the situation has been aggravated even more, since 2022, due to the disastrous floods and macroeconomic challenges. The Bank of Punjab’s Board of Directors and the Management believe in well-being and have taken part in different initiatives to help their junior employees during 2022.  This in­itiative will bring an increase in the queue with the bank’s dedication to be­ing an unbiased and honest workplace.

According to the Bank of Punjab, “This has resulted in historically high inflation and a depreciating currency that has severely affected the real incomes of citizens. As high inflation takes its toll on the purchasing power of people, low and middle-income people, especially salaried people continue to reel from the impact of high commodity prices and rising electricity/fuel prices. The increase would benefit all employees, regardless of grade or level.”

The salary increment will benefit all workers regardless of grade or level. Moreover, the bank has also cleared criteria between clerical, non-clerical staff, entry-level officer grades, and connected minimum gross salary with the lowest financial requirement of all grades in the distinction of the verity that all of the bank’s workers deserve safety from the inflationary effect.

This latest initiative taken by the Bank of Punjab is  only to reassure that “our devotion to supporting junior-grade coworkers and the Country at large as we believe that this promotion of pay for performance culture, equity, fairness, merit, and transparency, where every effort is being made to adopt the global best practices, will help us achieve our vision of being the first ‘Employer of Choice’.” 

Additionally, for all the workers who have joined the Bank of Punjab from Pakistan or abroad from top universities, for those, the minimum salary has also been revised as a market competitive. This will also help the bank in attracting good quality resources & talent at competitive salaries. 

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