NBP approves increment in pensions

ISLAMABAD: The National Bank of Pakistan (NBP) president and board of directors have approved an increase in the monthly pension of all pensioners who retired and families of employees who have died, on or before 2016, a statement said on Tuesday.

A 20 percent increase has been approved for those who retired before December 1998, while a 15 percent increase for those who retired between 1999 to 2009, and 10 percent increase has been agreed for those who retired between 2010 to 2016.

Considering that a big number of pensioners have pension below Rs6,000 even after the latest increase, it has been decided that the minimum amount in the case of pensioners has been fixed at Rs6,000 per month, whereas monthly benefit amount for family for those pensioners who have passed away, has been fixed at Rs4,500 per month with effect from January 2017.

It was also decided that the bank will pay its arrears along with the revised monthly pension on the next payment date. A spokesperson for the bank said: “All bank employees are the backbone of the institution. We are a family and employees have to have full commitment to the development of NBP.”