SBP allows reimbursement claims for payment of wages, salaries

KARACHI: State Bank of Pakistan (SBP) on Tuesday decided to allow reimbursement claims for those business concerns, which paid wages and salaries through own resources.

The central bank through a notification on April 10, 2020 launched refinance scheme for payment of wages and salaries to the workers and employees of business concerns considering the financial impact due to coronavirus and subsequent lockdown.

The SBP said that those borrowers who had applied for the facility in the month of April, 2020 but could not get approval in April due to the formalities were allowed to claim reimbursement of April salaries and wages paid from their own sources.

It has been decided to allow similar facilitation for the salaries of May 2020.

“Hence, businesses, who applied for the facility under the captioned Schemes in May 2020, can pay wages and salaries from their own sources and claim reimbursement of the same after their financing is approved.”

Further, to facilitate those borrowers who could not apply in month of April, 2020 and paid wages and salaries of April from their own sources can also claim reimbursement under the captioned schemes provided all other terms and conditions including not laying off the employees are met.

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