Bank Alfalah marks a momentous year as it completes “25 Years of Service” in Pakistan. The bank has been dedicated to developing a culture of inclusion, driving industry innovation, and emphasizing customer-centered services and goods. Customers can choose from a broad range of services, including cutting-edge options like mobile banking and digital wallets, as well as more conventional banking products like savings accounts and loans. The bank is also committed to giving back to the community and promoting social responsibility.
In a move that benefits both the bank and its staff, Bank Alfalah has increased the retirement age for employees by five years to 65. This makes it the only bank in the country with permanent employees who receive full benefits until they reach 65 years of age. The decision is expected to boost productivity by retaining experienced employees, increasing employee morale, and providing the bank with the benefit of their knowledge and expertise.
Bank Alfalah is also taking a historic step by updating the minimum beginning salary at all levels and switching from the idea of the minimum wage to the living wage in times of inflation. The starting pay has increased from PKR 30,000 to PKR 40,000 per month. This move towards providing a livable wage can benefit local communities by reducing poverty and enhancing economic mobility, contributing to the development of stronger and more resilient communities in the long run.
As part of the 25th Anniversary celebrations, all eligible employees received one month’s basic salary from the Bank in 2023. Additionally, the bank has greatly improved all coworkers’ access to staff house finance limit perks.
In addition to these initiatives, Bank Alfalah has made a significant contribution of $10 million towards areas affected by flooding, making it the greatest corporate donor in this regard. The bank has also introduced a financial aid scheme for coworkers and their families who were impacted by flooding and excessive rains, with PKR 100 million allocated for this purpose. There is also a staff welfare program for coworkers who require assistance with medical costs, in addition to medical insurance, education awards, and marriage grants.
These donations and activities from Bank Alfalah demonstrate its commitment to the communities it serves and strengthen its relationships with them. The bank’s focus on inclusion, innovation, and social responsibility is set to continue, as it looks towards a brighter and more prosperous future in Pakistan.