With the emergence of new economic systems of 20th and 21st century, people use to retire on completion of age limit i.e. 60 years in Pakistan and to compensate them authorities use to pay them some amount to pass their remaining life. This amount or pension is increased on yearly basis keeping market conditions in view. This is what was happening with SBP pensioners.
But let us assume for a little bit that if management ignores such revision any year than it means that they are not treating retirees still living on this planet and treating them as dead.
SBP letter No PDM (ODD-112)/18/2012 dated 31st July 2012 says that Board of Director on Human Resources may consider increasing pension each year in developing its recommendations. In developing its recommendations,the HR committee may take in to considerations, financialresources of the bank and or other any factor it deems appropriate.
The bank earned a net profit of Rs1, 163.433 billion in FY20 compared to a loss of Rs1.043bn the preceding year. “The stability in the exchange rate allowed the SBP to return to profitability after incurring loss in the preceding year.The profit so earned by the bank in the year ended June 30, 2020 is highest in its history. Further price hikes of essential commodities have an adverse effect on the lives of the poor people specifically old age retirees of this country. Further inflation has remained in between 8-11% on yearly basis.
In such conditions when salaries of SBP employees have been increased up to 18% with minimum of 9% and still on date no increase in the pension of the pensioners of State Bank of Pakistan have been announced, that seems not understandable, except that they are being treated as dead.
Hence SBP pensioners as living persons have all rights to request the Prime Minister, Governor SBP Dr. Reza Baqir, all three Dy Governors Mr. Jameel Ahmad, Dr. Murtaza Syed, Ms. SimaKamil and Qasim Nawaz ED HR to order the State Bank authorities to enhance pensions wefist July 2020.