KARACHI, March 24: The State Bank of Pakistan has announced a new compensation and benefits structure for its workers and the employees of Banking Services Corporation.

The State Bank also announced the Voluntary Separation Scheme for its employees.

Addressing the staff, SBP Governor Dr Shamshad Akhtar said a market survey of salary structure had revealed that the lower grade employees of the bank were getting better wages than those available in the market while the higher grade members of the bank were getting lesser than the prevailing market wages.

She said the VSS had been tailored for the longer serving employees but the VSS option, however, would be accepted at the sole discretion of the management.

Responding to the Dawn queries, a SBP’s Democratic Workers Union leader Liaquat Sahi criticised the management and said the union had not been taken into confidence while preparing the salary revision and early retirement scheme.

He did not agree with Ms Akhtar that lower grade employees were getting more than the market wages and the higher grade employees were getting less than the market wages.

Mr Sahi said the employees in general were unhappy with the early retirement (VSS) package because in all the earlier announced golden handshake schemes 100 per cent commutation was allowed whereas in the present case it had been brought down to 50 per cent. Some conditions have also been attached in the pension scheme.