In response to the rising inflation caused by the removal of petrol subsidies, Nigerian banks have taken measures to support their workforce. Wema Bank recently raised the salaries of its employees, aiming to alleviate the harsh effects of fuel subsidy removal, citing economic realities as the driving force behind the decision.
Similarly, Guaranty Holding Company, the parent firm of Guarantee Trust Bank, announced a salary increase for its junior and contract staff on June 18, 2023, in an effort to help them cope with the high cost of living. The new salary adjustment 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 has also implemented company-wide salary increases for all staff categories, acknowledging the challenging economic climate in Nigeria. The bank’s new salary structure now provides drivers with an earning of about N120,000, while cleaners earn around N80,000. The raise extends to both contract and permanent staff of the financial institution.
The banks emphasized that their vision goes beyond just the bottom line, and these salary adjustments are expected to have a positive ripple effect within the industry. By prioritizing the welfare of their employees, the banks aim to support them in the face of economic challenges brought on by inflation and fuel subsidy removal.
Leave a Reply