The State Bank of Pakistan (SBP) and all commercial banks will remain closed for public dealing on 1st May in observance of Labor Day.
While Taking to Twitter, the central bank said: “SBP will remain closed on May 1, 2023 on the occasion of LabourDay.”
Besides all banks, development finance institutions (DFIs), and microfinance banks (MFBs) will also remain closed for public dealing.
This day is observed as a public holiday in many countries, including Pakistan, where it is known as “May Day.”
In Pakistan, Labour Day is an occasion to recognize the contributions of workers to the country’s economy and society. Many organizations and unions hold rallies and marches to demand better working conditions, higher wages, and improved labor laws. The government also announces various measures and initiatives to support workers and improve their standard of living.
The purpose of celebrating this day is to initiate steps for providing job protection to labourers and industrial workers against any exploitation.