ISLAMABAD – The Senate Standing Committee on Finance and Revenue has recommended curtailing the authority of regulatory bodies to independently fix salaries, directing that such decisions be placed under the jurisdiction of the federal government and parliament.
During a meeting chaired by Senator Saleem Mandviwalla, the committee reviewed audit reports related to the Securities and Exchange Commission of Pakistan (SECP) and questioned its disbursement of Rs267 million in staff salaries. Lawmakers expressed concern that regulators were exercising excessive autonomy in determining pay scales.
Currently, only three institutions—the SECP, State Bank of Pakistan (SBP), and Pakistan Medical and Dental Council (PMDC)—have the authority to independently fix salaries. The committee has called for amendments to the SECP Act and the SBP Act to ensure that all future salary structures are approved by the cabinet and parliament. The Finance Division was tasked with preparing the draft amendments within one month.
Senator Farooq Naek highlighted the inconsistency of allowing regulators to decide their own salaries when even the judiciary does not enjoy such powers, noting that judges’ salaries are determined by the President on the advice of the Prime Minister.
The committee stressed that financial accountability and uniformity are essential to prevent regulators from exercising unchecked powers in matters of compensation.
This story has been reported by PakTribune. All rights reserved.