Professional Documents
Culture Documents
CHAPTER # 6
COMPENSATION BENEFITS AND PERFRMANCE
APPRAISAL
Compensation and benefits is the most pivotal element affecting an
organizations overall performance. It is directly related to employees
commitment with the organization and leading organizations always use it as a
tool to attract and retain the most talented human resource capital.
6.1 Compensation and Benefits at State Bank Pakistan
State Bank provides matchless intrinsic as well as extrinsic motivations for
development of the professionalism. Following is a brief of motivations provided
to its employees by the State Bank of Pakistan: A.
SALARY STRUCTURE
B.
FRINGE BENEFITS
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FAMILY PENSION
GRATUITY
BENEVOLANT FUND SCHEME
GRANT FROM THE FUND GIFT TO RETIRING EMPLOYEES
6.2 General Salary Structure
(Officer Cadre)
Salary Grade
OG 7
OG 6
OG 5
OG 4
OG 3
OG 2
OG 1
Minimum (PKR)
58,500
43,400
40,200
36,500
30,000
25,000
16,481
Maximum (PKR)
135,300
109,300
103,000
95,000
83,000
67,500
47,850
Source: - SBPWEB
(Support Staff Cadre)
Salary Grade
S 7
S 6
S 5
S 4
S 3
S 2
S 1
Minimum (PKR)
14,400
13,838
11,903
10,733
9,675
8,573
8,100
Maximum (PKR)
37,400
34,500
31,600
29,000
24,500
20,300
18,700
Source: - SBPWEB
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Level
Entry
Middle
Higher
Managerial
Minimum (PKR)
40,000
60,000
80,000
M-1or M-2
Maximum (PKR)
80,000
120,000
150,000
Source: - SBPWEB
Medical
Full medical facilities for self, spouse, children and dependent parents
as per bank rules.
Also, applicable to retired employees
Leaves
All officer-grade employees earn leaves for every 6 working day.
All support-grade employees earn leaves for every 5 working days.
Leaves earned can be accumulated up to 40 per year for Officer-grade
employees.
Leaves earned can be accumulated up to 72 per year for Support-grade
employees.
Upon accumulation of leave balance, the employee can proceed to
perform Hajj once in the entire service
90 days maternity leaves (exclusive of regular leaves) are allowed to
all female employees subject to maximum of three times.
Internship Report on State Bank of Pakistan
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Ranges
(PKR)
Su
Life
Insurance
Premium (PKR)
Ass
ure
d
(PK
55,001
R)
1,50
312.5
and
0,00
Above
37,501
0
1,00
208.3
to
0,00
55,000
18,001
0
800,
166.6
to
000
37,500
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Up
to
18,000
6.3.6
600,
125.0
000
Deputation Allowance
Annual Merit Increase (AMI) for the year 2005 is paid as per following schedule:
Range of Marks
AMI
49 50
4.5%
47 48
4%
41 46
3%
11 40
2%
0 10
Nil
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AMI %
A = Outstanding Performers
9%
B+ = Above Average
7%
B = Fully Satisfactory
5%
C = Below Average
1.5%
For OG 7 Employees:
AMI for OG- 7 employees at a uniform rate of 6 %.
For Employees in Separate Salary Structure for Specialized Professionals:
AMI for employees in cluster of Separate Salary Structure for Specialized
Professionals has been determined at a uniform rate of 5%.
6.3.8
Performance Bonus
Top 10% of performers in the Bank are paid a one time Performance Bonus@ 3% of
annualized monetized pay
6.3.9
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OG5
OG6
OG6 (HOD) 1000 cc car (AC) with petrol ceiling (200 Liters) and driver salary
OG7
1300 cc car (AC) of their choice with petrol ceiling (340 Liters) on
Telephone Facility
.OG.7
OG.5&4
6.3.11
(900 calls)
(400 calls)
OG.6
OG 3&2.
(600 calls)
(200 calls)
Officers Grade 4 and above on their retirement or their family members in the
events of employees death are entitled for the following additional benefits for a
period of six months:
a)
b)
Retirement/Death
c)
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Retirement/Death
d)
Retirement/Death
6.3.12 Pension Policy
Prior to 1997 Federal Government rules as contained in Compendium of Pension
Rules and Order were applicable in State Bank of Pakistan. After magnetization,
the concept of pay has been abolished and 50% of monetized salary is taken into
account for the purpose of calculation of retirement benefits.
6.3.13
Education Allowance
airfare for self and eligible family members from the airports nearest to their place
of posting and their hometown as per bank record or they can claim payment of
ACC sleeper train fare.
b.
All officers and staff of the bank either on transfer or retirement are entitled
are as under:
Internship Report on State Bank of Pakistan
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Category of Employees
Positions
S-1 to S-3
Non-clerical Staff
S-4 to S-7
Clerical Staff
OG-1 to OG-4
Junior Officer to Deputy
OG-5 to OG-6
OG-7
Director
Joint Director/Director
Executive Director
Gross DA (Rs)
800
1500
2600
3030
3500
Source: - SBPWEB
For official tour of OG-6 and OG-7 bank provides transport facility, while other
officers/staff are entitled to 10% of the DA to meet their transport requirements.
(b) The rates of gross Daily Allowance for employees hired under the
separate Salary Structure for Specialized Professional is as under:
Sr.
Employee
No
1
2
3
4
Category
Entry Level
Middle Level
Higher Level
Management Level
day
Rs.2600/=
Rs.3030/=
Rs.3030/=
Rs.3500/=
Source: - SBPWEB
Note:
Employees in Entry Level and Middle Level are entitled to 10% of DA as
conveyance charges.
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