ISLAMABAD, Feb 24: The National Bank of Pakistan (NBP) has offered an 18 per cent increase in salaries, allowances and other benefits to its executives and officers.

According to an official circular issued on Sunday, the increase would become effective from January 1, 2008. The circular said that the bank management was ‘pleased’ to approve the revision of pay, allowances and other benefits.

The annual increase in pay of officers will be linked to their performances as reflected in the “Annual Appraisal”. All related allowances that depend on the basic pay will be increased accordingly.

A committee has also been set up to look into any anomaly arising out of the implementation of revised pay, allowances and other benefits. Any issue would be heard by the committee within 45 days from the date of issuance of the circular. The officers and executives will get allowances for house rent, utility, petrol, medical, maternity, education, severe winter, marriage, funeral expenses, bonus, encashment of privilege leave instead of casual leave, house building finance, pension and benevolent fund grant.

Secretary-General Officers Association Islamabad Rooh-ullah Khan appreciated the efforts of NBP president Ali Reza and Secretary-General Officers Federation Gul Faraz for the increase in salaries and benefits. He assured the management that the raise would improve the performance of the staff and bring good dividends to the bank.