The State Bank of Pakistan (SBP) is a body corporate established under the State Bank of Pakistan Act, 1956 (Act). The oversight of the affairs and functions of the Bank is entrusted to the Board of Directors under the Act.
Moreover, the Board of Directors is empowered, among other things, to make regulations regarding recruitment, compensation and terms of service of employees.
In the State Bank of Pakistan, 1,178 employees are working as on May 29, 2023; out of which 1,101 are regular employees while 77 employees have been appointed on contract basis.
There are two compensation structures at the SBP namely Old Monetized Salary Structure (OMS) and New Compensation & Benefits Structure (NC&BS).
The NC&BS is defined contributory retirement scheme and employees (around 81%) who are currently serving the SBP under this scheme are entitled to contributory provident fund and gratuity while the employees serving on OMS (around 19%) are entitled to pension based on the last drawn salary, as end of service benefits.
Grade-wise salary scales of SBP Officers under both salary structures;
Budget allocated for salaries & benefits of SBP Employees
A total budget of Rs 6,818 million had been allocated by the State Bank of Pakistan for the Fiscal Year 2022-23 for salaries and benefits of employees.
Note: The above information was shared by the Minister for Finance and Revenue Shamshad Akhtar in the Senate on November 24, 2023.
