Al Arafah Islami Bank cuts salaries
Al Arafah Islamic Bank is cutting staff salaries amid a crisis caused by the coronavirus. In this bank owned by S Alam Group, if it is more than Rs 40,000, the salary will be reduced from 10 percent to 40 percent.
The decision was made at a virtual board meeting on Thursday. The bank is reducing the salaries of the officers from 10 percent to 40 percent on the gross (gross) salary.
In general, only those whose salary is above Tk 40,000 are getting their salary reduced. The bank is reducing the salary by dividing it into several parts. In the first part, their salary will be reduced by up to 10 per cent above Tk 40,000 but below Tk 100,000. From one lakh to two lakh rupees will be reduced by 15 percent. Those who get two lakh salary will get 20 percent less. The salaries of the bank's DMDs will be reduced by 25 per cent and the salaries of MDs (managing directors) will be reduced by 40 per cent.
It is learned that this rule will be effective from July to December next year. Incentive bonus and increment will not be given at this time. Earlier, The City Bank, AB Bank and Exim Bank decided to reduce the salaries of their employees.
Abdus Samad, vice chairman of S Alam Group, which controls a large portion of the country's banking and financial institutions sector, is the chairman of AIBL. Apart from AIBL, his group also owns Islami Bank Bangladesh Limited, Union Bank, Social Islami Bank (SIBL), First Security Islami Bank, NRB Global Bank and Bangladesh Commerce Bank Limited. They also own a number of financial institutions and insurance companies