Bangladesh Bank has reinstated the provision of additional increments for officers directly recruited to the 9th and 10th pay grades in a bid to attract and retain highly qualified individuals.
The move, aimed at enhancing the central bank鈥檚 appeal to brilliant minds, was announced recently through an internal circular signed by Nasima Sultana, director of the Human Resources Department-2 of Bangladesh Bank and took immediate effect.
The circular outlines a system of merit-based bonus increments tied to academic excellence and training performance:
The circular stated that officials who achieved four first classes or divisions in their academic career will receive three additional increments.
Those with three first classes or divisions will receive two additional increments.
Training excellence to up to 20 per cent of trainees who score 80 per cent or higher in their foundation training will be awarded one extra increment.
This training-based increment will be disbursed retroactively after the completion of the training.
The decision, made following the 438th meeting of the Bangladesh Bank鈥檚 Board of Directors, stipulates that an official can receive a maximum of four extra increments鈥攖hree for academic excellence and one for performance in foundation training.
Combined with the annual regular increment of 5 per cent, an officer can ultimately enjoy up to five increments in a year.
Sources familiar with the matter said this merit-based increment system for 9th and 10th-grade officers was previously in effect but was discontinued in February 2022.
According to an office order from April 23, 2024, at least 57 officials鈥攊ncluding an officer, one deputy director, and 55 assistant directors鈥攈ad resigned from the institution.
Sector stakeholders believe the new policy will be instrumental in encouraging talented job seekers to return to the central bank and will aid significantly in long-term staff retention.
