GTBank, Zenith, Stanbic, UBA other banks announce salary increase

To reduce the biting effect of inflation caused primarily by the removal of subsidies from petrol, Nigerian banks have adjusted their employees' salaries and wages, thus prioritising the welfare of their workforce.

Recently, Wema Bank raised the salaries of its employees to alleviate the brutal effect of fuel subsidy removal, citing economic realities as the reason.

GTBank now pay N70 for cleaners and N120,000 for drivers

The bank said its vision extends beyond its bottom line, and the salary adjustment is expected to have a positive ripple effect in the industry, a statement by the bank's divisional head, people, brand, and culture said.

Guaranty Holding Company, the parent firm of Guarantee Trust Bank, announced a salary increase on June 18, 2023, for its junior and contract staff to enable them to cope with the high cost of living.

According to findings, the salary increase became effective from July 1, with cleaners earning between N70,000 and N80,000 and drivers making between N140,000 and N150,000.

Zenith Bank announced company-wide salary increases for all staff categories to facilitate Nigeria's challenging economic climate.

Zenith Bank's new salary structure shows that drivers working in the bank now earn about N120,000, while cleaners earn about N80,000 as the raise was both for contract and permanent staff of the financial institution.

UBA joins the fray

United Bank for Africa (UBA) affirmed its commitment to prioritise staff welfare and their families, leading to its Board of Directors announcing on Saturday, July 29, 2023, the implementation of of a cost of living adjustments for its staff effective immediately.

The bank said it has monitored events in the past few months and their effects on its staff and recorgnise the need to address the challenges.

The bank said: “It is interesting to note that even when the bank had previously implemented cost of living adjustment for staff on October 1, 2021 and more recently on April 1, 2023, the persistent economic challenges faced by employees and the broader society as a whole, informed the unanimous decision to again implement another adjustment.

“Also in line with its commitment to promote staff for excellent performance every year, UBA had in March 2023, announced the promotion of over 1,500 staff across Africa, and had also elevated close to 1,000 staff in 2022.”

“This move will serve to alleviate the financial burdens faced by our staff and their families, reinforcing the bank’s position as a responsible and caring employer.”

ThisDay reports that the bank's management thanked the staff and their dedication to hard work, saying it recorgnises their sacrifices and is committed to easing the pains of the subsidy removal.