BB fixes salary for entry level bankers...

BB fixes salary for entry level bankers

 Staff Correspondent

 Published: 08:57 PM, 20 January 2022   Updated: 08:59 PM, 20 January 2022

File Photo

File Photo

For the first time in history, Bangladesh Bank has fixed the minimum salary for entry level officials of banks. Besides, no officials can be fired for not achieving the target or on the pretext of incompetence.

The central bank on Thursday issued instructions in this regard, which will be effective from next March.

According to central bank, entry-level salary of assistant officers, trainee assistant officer, trainee assistant cash officer or equivalent officials would be minimum Tk 28,000 during probation period and their total salary including basic be at least Tk 39,000 monthly after the end of probation period. In addition, the salaries of office assistants should be taken into consideration in the case of salaries and allowances of the banks which provide services through third parties. However, the directive does not apply to agent banking employees.

After implementing the minimum salary, banks will have to increase salary of other officials who have been working at the same positions, proportionately, said the Bangladesh Bank in a circular to banks.

The notification further said that the difference between the salary and allowance of the lowest ranking officer-employee with the CEO or CEO of the bank should be determined logically. Salary-allowance of any officer-employee cannot be reduced. Besides, the goal of collecting deposits to increase the annual salary and permanent the job cannot be set.

The central bank said that in order to maintain the integrity, ethics, morale and work ethic of the officers and employees of the bank, they must be paid proper salaries and allowances. However, it has recently been noticed that some banks are arbitrarily fixing the salaries and allowances of entry level officials. Much less than the existing salaries and allowances of other high level officials of the same bank. Unusual differences between the salaries and allowances of high and low level officers and employees are not acceptable in any way. 

The central bank also said that in some banks, officers and employees employed in the same post are receiving different salaries and allowances. Again, due to the inability to achieve the set target or the difference in salaries and allowances in different banks on the pretext of inefficiency, the attitude of the bank officials and employees to consider the concerned bank as their own institution and not focus on the work of the bank permanently. The result is a variety of complications, including inefficiency, unequal competition and moral decay, which is by no means desirable. Therefore, Bangladesh Bank has fixed the salary and allowance for the talented people to be interested in building an attractive career in banking in the future.

Earlier, in a meeting of bankers held at the conference hall of Bangladesh Bank on December 29, 2021, Governor Fazle Kabir called for a review of the salaries of apprentices and said that the wages of entry level employees in the bank were very low. It should restructure the banks concerned. Because it does not reflect the standard salary. 

He further said that if the banks would soon review the pay structure of entry-level posts and pay appropriate salaries to the trainees. Otherwise, the central bank will take necessary steps to revise the pay structure.

Even before that, the central bank had taken various initiatives to protect the rights of bankers. In September 2021, Bangladesh Bank asked all banks to re-employ their employees who were forced to lay off or resign during the Corona pandemic. Later some banks took initiative to re-employ the dismissed employees.