'Drivers N150k, cleaners, N80k' - GTBank, Zenith, Stanbic other Nigerian banks announce salary increases

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 prioritizing 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.

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.

The removal of subsidies from petrol had a widespread effect on Nigerians and their cost of living as prices of items, especially food and transportation, skyrocketed.

Also, the policy saw petrol marketers hike prices which caused massive increases in petrol prices.

Employees now pay double for transportation to and from work, necessitating salary increases for workers across all spectrums of the Nigerian labour force.

Fidelity Bank also announced bonuses for staff to reduce the burden of hardship on staff.

BusinessDay reports that in 2022, Ecobank was the highest-paying Nigerian bank.

The pan-African bank recorded N54.83 billion in personal costs in the first quarter of 2023, representing a 16.9% increase from N46.9 billion in 2022. Personal costs contain the bank's expenditures concerning staff remuneration and welfare within a specific financial reporting timeframe.

Access Holdings recorded N33.57 billion in personnel costs in the first quarter of 2023, a 14.8% increase from N29.25 billion in Q1 of 2022.

UBA's employees' benefits and expenses increased to N31.26 billion in Q1 of 2023, an increase of 22.2% from N25.58 billion in the first quarter of 2022.

Stanbic IBTC's personnel costs amounted to N13.98 billion in Q1 of 2023, representing a 13% increase from N12.38 billion in the first quarter of 2022.