Federal Employees Salary and Pension Disbursements are Digitized by State Bank

The State Bank of Pakistan (SBP) has made it easier for federal workers to earn their wages and pensions in recent growth. SBP has digitized all federal government employees' salaries and pension disbursements with the introduction of the Raast instant payment system. The news came after the Controller General of Accounts Pakistan (CGAP) and the State Bank of Pakistan (SBP) signed a Memorandum of Understanding to use Raast to digitize federal government payments.

The wages and pensions of a specific category of Federal Government employees would be paid by the Raast payment mechanism during the initial process. Through the CGA scheme, SBP's Raast will receive joint payroll and pension-roll info. It will have a highly secure interface, and transfers to recipients' accounts will be made directly after the employees' information has been checked.

Raast validates the beneficiaries' information with their banks to ensure that transfers are only sent to the designated beneficiary's account. Furthermore, this method operates in real-time before crediting the payment to the beneficiary's account. Following the initial process, this transfer facility will be extended to accommodate both federal and provincial government salaries.

Raast is Pakistan's first-ever instant payment scheme, which was introduced by the State Bank of Pakistan in January 2021 and is now being used to allocate pensions and wages to federal government employees. It is a top-priority SBP initiative that provides a simple, fast, low-cost, and safe electronic payment platform for real-time transactions.

SBP is also attempting to use Raast's powerful capabilities to incorporate payments of social security nets such as the Ehsaas Program, BISP, and other government liabilities.

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