The News reports:
“This favouritism on the part of the management is creating disaffection among permanent employee of the SBP,” said a permanent employee of the central bank, who asked not to be named.
The SBP management, however, maintains it has carried out a comprehensive exercise to bring the salaries of the employees as close to the market salaries as possible under the given circumstances with a view to encouraging the employees and to attract and retain high calibre human resource.
“The central bank still finds it hard to attract competent people at a time when commercial banks are offering very handsome packages,” a senior official of the SBP, who asked not to be named, said.
In the face of growing dissatisfaction of the workers, on April 2, 2007, SBP introduced a new compensation and benefits structures last year. Under the new compensation system, officer grade workers will receive better salary but they would not receive retirement benefits such as pension/gratuity. Currently, 50% of the officer level employees accepted the new salary scheme. Officers who wish to remain under the existing salary and benefit structure received 20% raise from June 1, 2007.
Well, SBP is not the only organization with such bias toward temporary employees. Many famous companies in Western countries hire CEOs and other high level employees offering very high salary packets and various facilities such as large amount of company shares at lower price. It does not matter whether the company makes profit or loss, these CEOs walk out with fat pay checks. For a long time, this issue churned out lots of criticisms and controversies in Western media. Here is a news report of MSNBC that talks about the highly paid CEOs in the
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