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Monday, July 15, 2024

Nigerian Banks Hike Staff Salaries Amid Increase in Cost of Living

To cushion the effect of fuel subsidy removal by the federal government, which has contributed to the cost of living in the country, most Nigerian banks have increased their staff and contract staff remunerations, THISDAY checks have revealed.

President Bola Tinubu’s led-administration announced reforms in fuel and foreign exchange in June, leading to a hike in the cost of living, most especially transportation and consumable goods across the country.

A few days after the President removed the fuel subsidy, the Nigerian National Petroleum Company Limited (NNPCL) announced a new price regime ranging from N537 to N600 per litre of petrol.

THISDAY gathered Polaris Bank, Wema Bank Plc, Zenith Bank Plc, United Bank for Africa Plc (UBA) and Guaranty Trust Bank (GTBank) and Union Bank have officially declared salaries increase for both staff and contract staff across the country.

According to source, Fidelity Bank increased salaries of official staff and denied contract staff salaries increment.

In the same vein, Polaris Bank management decisions to grant a substantial salary increase of 100 per cent to full-time employees due to inflation and rising fuel prices has triggered discontent and agitation among its contract staff.

Feeling undervalued and overlooked, the contract staff are voicing their frustration over the glaring disparity in compensation and the lack of growth opportunities within the organization.

Meanwhile, Zenith Bank announced an implementation of a company-wide salary increment for all its staff to address the prevailing economic challenges resulting from the removal of petrol subsidy.

In the same vein, the management of GTBank said it increased salaries of its junior and contract staff in line with rising inflation. The bank said the raise took effect from July 2023.

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The chief executive officer, UBA, Oliver Alawuba in statement said its board of directors have announced the implementation of a cost of living adjustment for its staff effective immediately.

UBA said although it 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.

Wema Bank also announced a raise in the salaries of its workers to cushion the effect of petrol subsidy removal.

The bank said the current economic realities, which had witnessed recent spikes in fuel, electricity, and other prices, required employers to prioritise the welfare of their workers.