Celebrating its 25th anniversary, one of Pakistan’s leading commercial banks, Bank Alfalah, has announced two major initiatives for its employees.
Firstly, the Bank has raised the age of retirement to 65 years. Bank Alfalah says the move makes it the only bank in the industry with ‘permanent colleagues till 65 years with full benefits’.
Secondly, the Bank has also taken the initiative of revising the minimum salaries at all levels, ‘moving away from the concept of the minimum wage in times of inflation’.
To that end, entry-level salaries at Bank Alfalah have been raised to Rs. 40,000 per month as against the previous Rs. 30,000.
Moreover, in celebration of its 25th anniversary, the Bank has also awarded one month’s basic salary in bonuses to all eligible colleagues.
To better facilitate its employees, Bank Alfalah has also decided to enhance the benefits of staff house finance limits for all its employees.
The Bank emerged as the largest corporate donor, pledging $10 million to the rehabilitation of the communities impacted by last year’s devastating flood.
The Bank also introduced a financial assistance program for colleagues and their families affected by the torrential rains and floods.
An allocation of Rs. 100 million was made for this program which has benefitted 500 colleagues already.
Other than this, Bank Alfalah also has a staff welfare program for colleagues in lieu of medical front over and above the medical insurance, education, and marriage grants.