Other than the lucrative salary package of Rs 1.8 million per month, the former president of National Bank of Pakistan (NBP) Syed Ali Raza managed to get Rs 132 million in annual honorarium and bonuses during his eight years in service, from 2000 to 2008.
These details were submitted by the Ministry of Finance in reply to a question sought by Senator Mohammad Talha Mahmood to the Senate Standing Committee on Finance. According to details, after the completion of the first year of service, the former NBP president was given an annual honorarium and bonus of Rs 1.05 million in the year 2001, which increased to Rs 2.5 million in 2002, Rs 4 million in 2003, Rs 8 million in 2004.
In 2005, he was given two annual bonuses of Rs 15 million and Rs 30 million for five years of performance, Rs 22.5 million in 2006, Rs 24.5 million in 2007 and 24.5 million in 2008. As the NBP president, he was allowed a basic pay of Rs 240,000 per month, senior post allowance of Rs 610,000 per month, house rent allowance of Rs 500,000 per month, vacation allowance of 850,000 per month.
Other than that, he was provided Rs 50,000 per month for five domestic servants, Rs 20,000 per month for two guards and Rs 30,000 for two drivers. It all adds up to a monthly salary of Rs 1.8 million. The president of state-owned bank is allowed fully maintained one bullet proof 1800cc BMW and one 1300cc car, which he could purchase at the end of the contract period, in line with banks rules and BMW, by depositing 10 percent of the cost.
All bills, entertainment, house and garden maintenance are paid at actual. Security arrangements are provided by the bank. He gets a gratuity of one basic salary for each completed year of service and performance bonus is determined by the board. The bank president gets a one time special furnishing allowance of Rs 3.5 million to upgrade residential status for business purpose, admission fee of one club, subscription fee and other charges of three clubs.
Economy plus class fare for inland and business class fare for traveling abroad, along with hotel expenses at actual and $325 per day per diem for overseas travel. Full medical coverage for employees and dependent family within Pakistan and life insurance of Rs 27 million from a local insurance company is also included in the package.