First-ever Mazdoor Card in the Country powered by Bank Of Punjab

First-ever Mazdoor Card in the Country powered by Bank Of Punjab

LAHORE ( Web News )

The Bank of Punjab (BOP) and Punjab Employees’ Social Security Institution (PESSI) have launched “Punjab Mazdoor Card – Powered by BOP” which is Pakistan’s first-ever Mazdoor Card exclusively designed for labor workforce. An MOU has been signed today between BOP and PESSI with the objective to achieve Digitization of the Health & Social Security programs and Financial Empowerment of Labour workforce in Punjab. The MoU ceremony was attended by Chief Minister Punjab Sardar Usman Khan Buzdar, Minister for Labour and Human Resource Department Mr. Ansar Majeed Khan, Minister for Higher Education and Information Technology Board, Punjab Mr. Yasir Humayun, Commissioner PESSI Syed Bilal Haider, President & CEO of The Bank of Punjab Mr. Zafar Masud, Group Chief Consumer & Digital Banking Group BOP Mr. Zahid Mustafa and many more dignitaries.

Punjab Mazdoor Card – Powered by BOP, brings a new revolution in the country with a step forward towards financial inclusion of labour workforce, an exclusively designed ATM/ Debit Card with direct disbursement of health and social financial benefits into the card which include sickness, maternity, injury, death grants, Disablement gratuity, pensions and more offered by PESSI. Punjab Mazdoor Card will eventually play a major role in digitization of Labour Wage Payment in Punjab.

Punjab Mazdoor Card – Powered by BOP, is a first-of-its-kind initiative in the Country which fulfils multiple objectives in transparent, reliable and efficient manner. The Card will be utilized by the labour workforce in Punjab registered with PESSI and their dependents to access 250+ Social Security healthcare facilities across Punjab. Financial inclusion of this under-banked labor workforce through Punjab Mazdoor Card will uplift them with a structured financial history, helping them to access various poverty alleviating financial programs launched by Government of Pakistan, including Naya Pakistan Housing Scheme, Punjab Rozgar Scheme, etc.

Commissioner PESSI presented the benefits of Punjab Mazdoor Card and facilities that the secured workers/employees will be able avail through this initiative. He explained the associated benefits which were earlier disbursed to the workers in cash, will now be cashless and routed through Punjab Mazdoor Card which will bring significant efficiency and transparency into the working model of PESSI, and help significantly enhance the effective compensation of Mazdoor in Punjab.

President & CEO The Bank of Punjab, Mr. Zafar Masud declared Punjab Mazdoor Card as a revolutionary initiative in the province which will facilitate the under-banked population of the country, of atleast 1.3 million workers to begin-with in Punjab alone, by bringing them in the financial fold so that they are able to develop their financial and economic identity to get access to formal financial products and services offered by the banks. He further stated that the digitization of wage payment of these workers will be the most rewarding objective out of this initiative as it brings transparency and efficiency into the entire value chain.

Chief Minister Punjab Sardar Usman Khan Buzdar in his closing remarks appreciated the efforts of PESSI and The Bank of Punjab and stated that Punjab Mazdoor Card will soon become a flagship brand in the country for the most vulnerable segment of the society and it will go a long way in dispensing the maximum possible benefits to the labour workforce of the country.