Human Resources & Learning Group
HRLG/Rewards/2022/01
February 10, 2022
To: All BAFL Employees (Pakistan Operations)
Performance Reward - 2021
Dear All,
In the Year 2021 we embarked upon the journey with the mantra of “One Bank – One Team” to deliver strong
results with enhanced focus on customer needs. As result of our collaborative efforts, despite difficult economic
conditions and working environment owing to COVID-19 pandemic, we have delivered a stellar performance
against the strategic objectives set by the Board. During the year, we won many accolades like “Best Customer
Franchise”, “Best Place to Work 2021 – Runners Up in Financial Sector”, “Best Place to Work 2021 – Large
Organisations”, “GDIB – Work Life Integration, Flexibility & Benefits” from various prestigious forums.
We are, therefore, pleased to inform you of the following initiatives, benefits, perks, and policy changes which
will come into effect retrospectively from 1st January 2022. We strongly believe that these initiatives will further
enhance our performance and the engagement levels and will help deliver superior results in 2022 and onwards:
Introduction of New Grade Structure
Revised Minimum Starting Salary
New Salary Structure
Revision in SLCL, Conveyance Finance Policy and House Finance limits
Other Entitlements – Rental, Handset, and Staff Insurances
Top Up Plan for Staff Hospitalization Policy
Minimum Increment for 3, 4 and 5 raters
Additional Leaves due to prolonged illness
Employee PF contribution enhancement
1. Introduction of New Grade Structure
In order to provide career progression opportunities, the management is pleased to announce our new
grade structure for officers & executives cadres with effect from 1st January, 2022.
Employees will be communicated their new grades through email from [email protected] shortly.
The change in the grade structure is a constructive step for our employees and will be
augmented by enhanced perks and benefits (details are as follows).
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2. Minimum Starting Salaries
In view of the high cost of living, the minimum starting salaries have been revised at all levels, with
minimum gross salary (base salary + allowances) of PKR 30,000 per month as against the previous of PKR
25,501 per month. The change will be effective from 1st January, 2022 for all employees in Pakistan.
3. Change in Salary Structure
The following salary structure based on the new grades shall be applicable with effect from 1st January,
2022:
PKR per month
*Fuel: will continue to be paid according to the prevailing fuel rate.
**Overseas Salary Structure will be shared with the respective country operations separately.
4. SLCL and Conveyance Finance Facility
a) SLCL Changes: SLCL Allowances and Finance Facility have been enhanced and delinked from
benchmarked cars:
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The SLCL facility will carry 0% markup rate recoverable over 7 years. EVP-IIs and above will be entitled
to avail the finance for upto 2 cars. All other terms and conditions of SLCL Finance facility will remain
intact.
b) Conveyance Finance Facility: will be as follows:
Motor car finance will be repayable over 9 years whereas motorcycle finance shall be repayable over 6
years and shall carry markup of 5% for OG-IV till VP-I. All other terms and conditions as defined in the
Policy will remain intact.
c) Functional Benefits: Where any functional car is allowed to the employee, the following limits shall
apply:
*In this case conveyance allowance will not be allowed
5. House Finance facility: The following shall be the house finance facility with all other terms and
conditions as mentioned in the HR Policy intact:
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Human Resources & Learning Group
6. Other Entitlements
a) BM and BOM Allowances:
b) Rental Allowance, Handset Allowance and Other Benefits:
c) Top up Plan for Hospitalization Insurance: Last year we had introduced the top up plan for the
employees as follows:
The facility shall continue to be available to employees at nominal charge of PKR 850 per insured per
annum and will be recovered in 12 installments i.e. Rs 71 per month per insured.
7. Performance Rewards 2021 - Minimum Increments for 3, 4 and 5 raters
in OG-I and below grades
Performance Rewards will be disbursed to the eligible employees along with February’s Payroll. Eligible
Employees will be communicated their rewards (increment, promotion and bonus) through their respective
Group Offices.
In order to provide relief to our performing employees specifically in OG-I and below grades,
we are pleased to inform that a minimum raise of PKR 3,000 for 3 raters, PKR 3,500 for 4
raters and PKR 4,000 for 5 raters will be ensured.
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Human Resources & Learning Group
8. Additional Leaves due to prolonged illness
A special leave category is being announced for employees with prolonged illnesses as follows:
*Base Pay means Basic, House Rent and Utility allowance only.
**The above leaves shall only apply after exhaustion of existing annual and sick leave balances
*** for details of prolonged illnesses, HR Medical Unit may be consulted.
9. Employee Contribution towards Contributory Provident Fund:
Confirmed employees will have the option to enhance their own contribution towards the provident fund
and can select from the following:
Options Employee Contribution Bank’s Contribution
Option 1 8.33% of Basic Salary
Option 2 10.00% of Basic Salary 8.33% of Basic Salary
Option 3 12.00% of Basic Salary
*This change will be effective from 01 March 2022. Employees can request for any change through HCM self-service.
10. Income Taxation Effectiveness:
A detailed circular is being issued separately for employees on income tax planning and possible
provisions available to employees to reduce the tax burden.
We hope that these initiatives will further strengthen our list of benefits for our employees. Happy working,
stay safe and let’s move forward to further buildup on our Bank’s performance. For further details, you may
refer to HR Policy Guidelines or raise a query ticket on HR Help Desk.
___________________ ________________
Umer Mallick Faisal Farooq Khan
Head – HR Rewards & Financial Services Group Head – HR & Learning
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