Nigerian Banks Announce New Salary Increment Check the present Salary Structure for all categories of staff

Nigerian Banks Announce New Salary Increment Check the present Salary Structure for all categories of staff

Nigerian banks have established a new compensation structure for all job categories.

Zenith Bank, Wema Bank, and GTBank have all introduced new pay scales for their employees.

The banks stated that the action was necessitated by Nigeria’s existing economic reality.

Nigerian banks have altered their employees’ salaries and wages as a result of the loss of petrol subsidies, prioritizing the wellbeing of their workforce.

Wema Bank has increased staff pay to compensate for the harsh effect of the loss of gasoline subsidies, citing economic reality as the cause.

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GTBank currently pays cleaners N70 and drivers N120,000.

According to a statement by the bank’s divisional head, people, brand, and culture, the bank’s ambition extends beyond its bottom line, and the compensation change is intended to have a beneficial ripple effect throughout the sector.

Guaranty Holding Company, the parent company of Guarantee Trust Bank, announced a compensation raise for its junior and contract employees on June 18, 2023, to help them cope with the high cost of living.

According to reports, the salary hike went into effect on July 1, with cleaners earning between N70,000 and N80,000 and drivers earning between N140,000 and N150,000.

Zenith Bank offered company-wide compensation hikes for all personnel categories in response to Nigeria’s difficult economic conditions.

According to Zenith Bank’s new wage structure, drivers now earn around N120,000, while cleaners get around N80,000, since the hike applies to both contract and permanent employees of the financial institution.

Subsidy removal Nigerians face significant poverty as a result of this.

The withdrawal of petrol subsidies had a profound impact on Nigerians and their cost of living, as prices of goods, particularly food and transportation, surged.

Furthermore, the program saw petrol marketers raise prices, resulting in huge increases in petrol costs.

Employees now spend twice as much for transportation to and from work, prompting wage hikes for workers across the Nigerian labor market.

Fidelity Bank also announced bonuses for employees to help ease the strain of hardship.

Ecobank has emerged as Nigeria’s highest-paying bank.

According to BusinessDay, Ecobank will be the highest-paying Nigerian bank in 2022. In the first quarter of 2023, the pan-African bank posted N54.83 billion in personal charges, a 16.9% increase from N46.9 billion in 2022.

Personal costs are the bank’s expenses for employee salary and welfare throughout a given financial reporting period.

Access Holdings posted staff costs of N33.57 billion in the first quarter of 2023, a 14.8% rise from N29.25 billion in Q1 of 2022.

Employee benefits and expenses at UBA climbed by 22.2% to N31.26 billion in the first quarter of 2023, up from N25.58 billion in the first quarter of 2022.

First Bank’s employee costs were N31.3 billion in the first quarter of 2022, up 22.2% from N25.62 billion in the first quarter f 2023.

Stanbic IBTC’s personnel costs were N13.98 billion in the first quarter of 2023, a 13% rise from N12.38 billion in the first quarter of 2022.

GT and Zenith top the list of Nigerian banks with the highest-paid CEOs, with an average monthly pay of N8.4m.

Legit.ng reported that the banking sector, especially commercial banks, is one of Nigeria’s most profitable sectors, generating billions in profits.

The highest-ranking executive in the firm, the Chief Executive/Managing Director, is in responsibility of making the best corporate decisions, overseeing the execution of the organization’s corporate strategy, and, most crucially, maximizing the shareholders’ return.

Thus, these vast responsibilities come with significant executive salary for their service, making them ostensibly the bank’s highest-ranking staff.

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Source: Legit.ng