Lahore: The State Bank of Pakistan (SBP) on Tuesday revealed that the SBP Rozgar Scheme launched to counter worker layoffs has saved up to 600,000 jobs, a news source reported. To this effect, commercial banks have approved loans worth PKR 61 billion.
The SBP said that the approval of the remaining amount of loans was in process. The central bank reported that since May 15, around 1,700 businesses have applied to commercial banks to benefit from the SBP Rozgar Scheme. In total, the banks have received applications worth PKR 120 billion covering over 1.1 million employees, the sources added.
To apply for the scheme, the businesses has to commit to not laying off their workers for three months. Followingly, the SBP has agreed financing up to 100% of workers’ salaries employed in businesses who would owe a 3-month wage bill of up to PKR 500 million. Meanwhile, the central bank will finance 75% of the salaries of businesses having a 3-month wage bill of PKR 1 billion.
Sources said that these measures would allow the full array of businesses to flourish from the Rozgar Scheme.