MMBL Announces Major Policy Changes to Financially Empower Employees amidst Inflation
Islamabad, September 22, 2022: Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited has announced the conversion of all of its Bank Contract Employees to Full-Time Employees (FTEs).
Under the policy change, contractual employees will be habilitated to permanent employees in phases, subsequently getting medical insurance for them as well as their families.
The FTE policy revisions reflect MMBL’s commitment to providing competitive compensation to its hardworking employees and its dedication to their financial well-being.
Under this initiative, over 500 bank contract employees will be converted to FTEs in different phases. Along with flexible insurance plans, contractual employees will receive a pay continuation plan as well. As a reliable employer, MMBL understands its responsibility to help the employee’s family meet their financial obligations. Therefore, the Bank will continue to pay the employee’s family a monthly stipend for three (3) years in case of natural or accidental death.
Moreover, employees at different cadres will also receive an improved monthly medical OPD allowance starting January 2023. The medical OPD allowance will enable employees to increase their monthly payout and manage the ever-rising medical costs, particularly in the current economic situation.
All employees, who are not receiving fuel/ transport/car allowance and have a monthly salary of less than PKR 50,000 will also receive an increment as part of the recent changes. All of these revisions are industry-first, setting benchmarks for promoting employee well-being and financial stability.
Sharing his thoughts, Ghazanfar Azzam, President & CEO, MMBL said: “Changes in the FTE policy come at the right time as the rising inflation has restricted everyone’s buying power.
The Bank is cognizant of the difficulties faced by its employees and strives to enable them to manage their expenses without affecting their savings.
This initiative ensures MMBL’s commitment to employees’ financial inclusion alongside its customers and communities.”
Muhammad Haroon Khan, Chief People Officer, MMBL said: “MMBL enjoys the reputation of being an Employer of Choice because of the power it vests in its greatest asset- People. The recent changes in our People & Organization Policy are indicative of our promise to foster employee engagement and loyalty by offering the best in the industry, may it be remuneration, benefits, or culture.”
In 2021, MMBL achieved noteworthy growth and was recognized as an Approved Employer for its outstanding employee development and training initiatives by the Association of Chartered Certified Accountants (ACCA).
The Bank prioritizes cultivating a strong work culture, accelerating diversity, and fostering an inclusive and equitable environment for all of its staff.