SBP Gives Up to 30% Pay Raise to Officers

The State Bank of Pakistan (SBP) increased the pay of its staff by up to 30 percent on Monday. The regulator approved a 15 percent raise for all SBP officers with pensions from grade 1 to grade 8 and a 15-30 percent increase in pay for officers without pensions, confirmed SBP officials to ProPakistani. The increments will be effective as of 1st July 2023. More details reveal that the salaries of non-pension grade 2 officers have been increased by 30 percent, while the payouts for non-pension grades 3, 4, and 5 officers have been increased by 25 percent. Also, non-pension officers in grade 6 have had their salaries upped by 20 percent, while non-pension officers in grades 7 and 8 have had their salaries increased by 15 percent. ProPakistani inquired with SBP officials about the reasons and justification for this substantial salary increment; however, as of the filing of this report, no response has been received. This comes after last month when Senate members were enraged over the exorbitant monthly salaries of public servants and SBP employees.