Saturday, June 15, 2024

As Inflation Rises, Bank of Punjab sets Rs. 37,500 as Minimum salary for all Employees

Inflation has become one of the main concerns for the global economy. The situation in Pakistan is even more ex­acerbated due to the macroeconomic challenges and catastrophic flooding that it experienced in 2022.

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, the low and middle income especially salaried people con­tinue to reel from the impact of high commodity prices and rising electricity/fuel prices.

The Bank of Punjab, taking into account the cur­rent economic climate, has undertaken various ini­tiatives in an effort to support lower cadre employ­ees of the bank. As a first step, the Bank of Punjab has announced an across the board minimum monthly gross salary of Rs37,500 for all employees. This in­crease is in line with the bank’s commitment to be­ing a fair and equitable workplace.

This increase will benefit all employees, regardless of grade or level. Additionally, the bank has also removed bars between entry level officer grades, clerical and non-clerical staff, and linked minimum gross salary with the minimum financial requirement of all grades in recognition of the fact that all of bank’s employees deserve protection from the inflationary impact.

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