The Board of Directors of the National Bank of Pakistan (NBP) has approved a substantial increase in the salary and benefits package for its President and CEO, Rehmat Ali Hasnie. According to sources, the new package includes a gross monthly salary of Rs. 9 million, along with several additional perks and allowances.
Key Features of the Package:
- Performance Bonus: A performance-based bonus tied to Key Performance Indicators (KPIs) approved by shareholders.
- House Rent Allowance: Rs. 1 million per month, replacing the concessional staff home loan.
- Communication Allowance: Two landline phones and two mobile phones with monthly bills fully covered.
- Security: Deployment of four security guards at Hasnie’s residence, with two guards per 12-hour shift.
- Domestic Staff: Salary reimbursement for five domestic staff members, capped at Rs. 150,000 per month.
- Vehicle: Provision of a new vehicle up to 2,800cc, with an option to purchase the car at 10% of its cost upon contract completion. Additionally, two drivers will be provided, or their salaries (Rs. 35,000 per driver per month) will be reimbursed.
Leave and Medical Benefits:
- Leave: 30 days of annual leave and 18 days of casual/sick leave per year, with up to 90 days of leave allowed to accumulate and encashable.
- Medical Coverage: Full medical and dental coverage within Pakistan for Hasnie and his dependents on a reimbursement basis. However, no post-retirement medical coverage is included.
Additional Perks:
- Life Insurance: Coverage of Rs. 30 million, with the premium split equally between the bank and Hasnie.
- Gratuity: One month’s salary for each year of service.
- Club Membership: The bank will pay the entry fee for one club of Hasnie’s choice and cover subscription fees for up to three clubs.
Termination and Resignation Terms:
In the event of contract termination, the bank will provide a three-month notice period or salary in lieu of notice. Similarly, if Hasnie resigns, he must provide three months’ notice or pay the equivalent of three months’ salary.
This revised package reflects a significant enhancement in the compensation and benefits for the NBP President, aligning with the bank’s efforts to retain top leadership talent.
