Bank Alfalah recently marked its 25th anniversary by announcing two major initiatives for its employees.
Firstly, the bank has raised the retirement age to 65 years. It is the only bank in the industry to have “permanent colleagues” with full benefits until 65 years of age.
Secondly, Bank Alfalah has revised minimum salaries at all levels, moving away from the concept of a minimum wage during times of inflation. As a result, entry-level salaries have increased from Rs. 30,000 to Rs. 40,000 per month.
In honor of its 25th anniversary, the bank also awarded a one-month bonus of basic salary to all eligible colleagues. To further facilitate its employees, Bank Alfalah has decided to enhance staff house finance limits.
In addition to this, the bank pledged $10 million to help communities impacted by the floods of last year. It also introduced a financial assistance program for colleagues and their families affected by the floods. It has an allocation of Rs. 100 million benefiting 500 colleagues so far.
Bank Alfalah also has a staff welfare program that offers medical insurance, education, and marriage grants in addition to medical front benefits.
