Finance Ministry Discloses Perks of Governor SBP

Finance Ministry has revealed the salary and perks offered to the Governor State Bank of Pakistan (SBP).

While presenting the details about the perks provided to the previous Governor SBP Reza Baqir in the National Assembly, Finance Ministry informed that the Governor is entitled to a salary of Rs. 2.5 million per month, with an annual increment of 10 percent.

For Governor SBP, Rs. 2.5 million per month adds up to Rs. 30 million per annum, while in the private banking sector, the salary of the Chief Operating Officer of a major bank can range between Rs. 180-340 million per annum.

The ministry further highlighted that Governor SBP is also given a fully furnished house, and the State Bank also bears the expenses of the Governor’s electricity and gas bills as well as the cost of the generator’s fuel.

The State Bank also provides its Governor with the salary of two drivers and four servants, while two cars and 1200 liters of petrol are also at the disposal of the Governor, the Finance Ministry further revealed.

The ministry highlighted that alongside paying 75 percent of the school fees for the children of the Governor; the State Bank also grants its Governor other perks such as free landline, mobile phone, and internet services.

It is pertinent to mention here that the head of the regulatory body of all the banks in the country, i.e. Governor SBP, has a salary package that is much lower than the heads of private banks. For instance, the CEO and President of UBL, Shahzad Dada, is the highest-paid banker in the country, as he drew a staggering annual income of Rs. 340 Million in 2021.

Chief Executives of other private banks also saw their salaries and benefits surge to outstanding levels during 2021. CEO and President of Meezan Bank, Irfan Siddiqui, drew a yearly salary of Rs. 306 Million in 2021. The CEO and President of HBL, Muhammad Aurangzeb, drew an annual salary of Rs. 265 Million, while the CEO of Bank Alfalah, Atif Bajwa, drew an annual income of Rs. 187 Million in 2021.