12:00 AM, January 11, 2010 / LAST MODIFIED: 12:00 AM, January 11, 2010

Muhith asks SOBs for pay scale proposals

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Rejaul Karim Byron

Finance Minister AMA Muhith yesterday directed the central bank and three state-owned banks (SOBs) to send proposals for separate pay scales to the government.
He also asked the banks to submit business plans on how those plans cover up the increased salary expenses.
A draft pay scale was placed for three SOBs at a review meeting. The minister asked the banks to get the draft approved by their boards and send it to the Finance Division.
According to the draft pay scale, the basic pay for a deputy managing director (DMD) will be Tk 67,000 a month, instead of Tk 33,500 now. The basic salary for an officer has been proposed at Tk 12,000 a month, up from Tk 8,000.
The new basic pay will be Tk 6,150 a month at the lowest grade, which is Tk 4,100 now.
The minister said the SOBs will be allowed a separate pay scale so that those can sustain competition with the private sector banks.
Bangladesh Bank was also asked to submit a separate draft pay scale.
A committee will be formed to scrutinise the proposals.
Muhith recommended that the banks reduce discrepancies between the salaries of the top executives and lower level officials.
Salaries of officials at other banks and financial institutions will also be increased, but not to this tune, he said.
The chief executive officers of the three SOBs were appointed on a contractual basis. The Sonali Bank CEO receives Tk 8 lakh a month, while the Agrani CEO draws Tk 6 lakh. The monthly salary for the Janata CEO is Tk 7 lakh, but it is going to be halved under a new contract.
The draft proposes Tk 1,28,500 in gross salary for a state-owned bank DMD.
General managers' basic salary will be Tk 58,625 a month, which is Tk 33,500 now. The gross salary will be Tk 1,10,937 for GMs.
SOB deputy general managers' basic salaries have been proposed at Tk 46,400 a month, up from Tk 29,000. The DGMs' gross salary will be Tk 84,600 a month.
The basic salary of assistant general managers (AGM) will be Tk 40,200 a month, which is Tk 25,750 as per the existing scale. The gross salary of AGM will stand at Tk 70,800 a month.
The gross salary of an officer will stand at Tk 23,700 a month. At the lowest rank, the salary will be Tk 7,697 a month.
Employees will receive house rent of 50 percent to 65 percent of the basic salary. Allowances recommended for AGMs and posts above include house maintenance at Tk 5,000 to Tk 20,000, utility bills at Tk 800 to Tk 5,000. Medical bills have been recommended from Tk 1,000 to Tk 3,000.

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