SBP Rozgar Scheme: JS Bank saves more than 90,000 jobs

KARACHI: According to a Press Release dated 27th July issued by the State Bank of Pakistan, JS Bank once again topped the Rozgar Refinance Scheme processing and disbursement which supports the private sector for payment of wages and salaries leading to avoid lay off of employees and prevent unemployment.

The Rozgar Scheme, also known as the Refinance Scheme, to support employment and prevent layoff of workers, provides concessional payroll financing loans to businesses for wages and salaries, if they commit to not lay off their employees for the loan period.

Under the scheme, financing of PKR 125.9 billion was approved by banks for 2068 businesses, covering the wages and salaries of over 1.1 million people. Out of this total, the SBP release stated, rankings of banks however, changed within the group except for JS Bank Limited that remained at the top throughout. JS Bank approved approximately 10% of the total amount, saved thousands of jobs, and supported 195 businesses.

Basir Shamsie - President & CEO, JS Bank said “As an institution, we stand by our fellow citizens in their hour of need and are committed to supporting the national economy. We will continue to work with the State Bank of Pakistan for the prosperity of Pakistan.”

Committed towards its role as a catalyst towards the progress and prosperity of Pakistan, the JS Bank hopes to continue this journey of creating value for all stakeholders.