Karachi October 3 2024: Habib Bank Limited, the largest bank of Pakistan, has revised minimum wage rate to PKR 43,000 along with providing one-time financial support package to employees in lower grades.
The minimum monthly pay is being increased to PKR 43,000. Thus, all those employees whose current fixed pay including job based allowance and LFA is below PKR 43,000, will be eligible to receive revision in their salaries from September 2024.
To financially support employees in the lower grades, as an interim support, a one-time lump sum amount is being given to all employees who are at Senior Manager and below levels with September 2024 payroll.
The markup on staff Car Loan is being reduced from 4% to 0% for all Car allowance entitled grades (Senior Manager and above employees). The monthly Instalments have been revised with effect from 1st September 2024 for all existing loans. This facility would apply to only one car loan with highest outstanding balance. The repeat finance facility for car loan will be after one year of loan sanctioned.
Higher management would be provided with the flexibility to either opt for a Bank provided Car or continue with their current entitlement of Car Allowance along with Car loan facility for one car at 0%.
Apart from this, bank has also revised service awards for its employees completing 10 Years, 20 Years and 25 Years to PKR 50,000, PKR 100,000 and PKR 200,000.
