State Bank fails to regulate banks?

Dear Governor State Bank,

Is the State Bank promoting wage theft & EOBI denial of private security guards at its own regulated banks?

As citizens for peace, progress and wellbeing of Pakistan and its people – especially the disadvantaged, exploited and underpaid, may we bring to your kind notice the following facts regarding wage theft and financial slavery of the security guards engaged by Bank Islami ( and most other banks) through 3rd party security companies.

We had earlier sent you similar evidence of wage theft by Bank Alfalah and Muslim Commercial Bank. Your inaction suggests your approval of this lawlessness and exploitation besides eroding your own moral as well as legal authority as a regulator

Kindly note that this Bank Islami security guard operating thru a 3rd party, receives illegal wage of Rs32,000 for 12-hour duty, while the minimum wage for a security guard is Rs38280 for 8-hour and Rs76560 for 12-hour duty based on 26 days work in a month. Most are also not registered to EOBI.

SBP appears to have no mechanism of its own to verify if its licensed banks are indeed complying with the law. We believe that SBP is failing in its responsibility of due diligence and promoting wage theft and human rights violations through these delinquent banks.

We appeal and request you to kindly ensure that all SBP approved banks comply with labour laws, min wage, EOBI and over time, or face cancellation of their operating licenses.

Respectfully,

Naeem Sadiq