One of the reasons for Pakistan's poor financial health could be the high salaries and perks given to employees in the corporate sector. When I worked in an oil marketing company in the 1970s, the highest salary given to the general manager was Rs. 10,000 p.m. (apart from this, he got subsidized medical treatment and utility bills). Nowadays their salaries are in millions, besides unlimited free medical treatment and other perks until the day they and their spouses die. In my opinion, this is scandalous.
In KESC, the starting salaries of engineers and business graduates was Rs. 450 p.m. in 1966. Nowadays it's more than half a million.
The situation in banks is the same. Besides the perks and pay in other companies, these chaps also get interest-free loans, with which they are able to buy houses and cars, driving prices upwards. What exactly is so special about them that they should get ten times more than what they need?
I remember that in 1960, an experienced bank manager's salary was Rs. 500 p.m., and it was considered astronomical (the salary of a peon in those days was Rs. 50 p.m.). Nowadays, a bank manager earns a million a month at least, while his peon and security guard get Rs. 35,000 to 40,000. Why should there be this much inequality?
Another thing is that these chaps are virtually free from being sacked, however inefficient they are. In my days, a very small mistake could make a man lose his job, and since jobs in those days were scarce, I saw many men weeping when they were fired. I do wish the old days would come back again.
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