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  • Business - Banking & Finance
  • Updated: August 02, 2023

Economic Hardship: Five Nigerian Banks That Increased Salaries

Economic Hardship: Five Nigerian Banks That Increased Salari

Some Nigerian banks have been reevaluating their employee benefits to lessen the effects of rising inflation and the economic impact of subsidy removal. 

These banks' development aims to prioritise the well-being of their employees during times of economic uncertainty by increasing their employees' salaries and wages.

This development is simply a result of the bank's reaction to Nigeria's inflation rate, which has now risen to 22.79 per cent in June from 22.41 per cent the previous month.    

It is, however, commendable that bank institutions are prioritising the welfare of their employees and staff given the economic hardship the country is currently going through. 

What is even more commendable, is that this salary increase goes beyond just the senior workers but also the junior workers such as the drivers and cleaners of these banking institutions.  

In today's listicle, we will explore five Nigerian banks that have increased the salaries of their junior workers to cushion the effects of the fuel subsidy removal.

 

1. Guaranty Trust Bank

GT Bank announced a salary increase for junior employees such as cleaners and drivers, with drivers expected to earn N140,000 to N150,000 per month as of July 1, 2023. 

The bank also announced other welfare packages for their junior staff, the likes of cleaners and drivers. 

These welfare packages include foodstuff and allowances. 

News of the increase first broke on social media as friends of staff of the bank reported salary increases.

A review of the bank’s 2022 financial statements reveals it has about 774 staff who earn between N770k and N1.4 million annually. These are the lowest-earning staff of the bank (Drivers and Cleaners). 

 

2. Zenith Bank

Zenith Bank also increased the salaries of their Junior staff. 

The bank announced that the increase in the salaries of these workers is to help cushion the effects of the fuel subsidy removal and the economic hardship caused by 

Zenith Bank drivers are expected to be earning N120,000, while cleaners working with the bank will be paid N80,000.

The news of the salary increment spread like wildfire through the financial community, as Zenith Bank’s proactive approach to support its employees during tough economic times received praise and commendation. 

 

3. United Bank of Africa

UBA noted that they’ve been monitoring the effect of the increased cost of living on the lives of their employees as they’ve recognized the need to address the challenges.

While UBA had previously implemented a cost of living adjustment for staff on October 1, 2021, and more recently on April 1, 2023, especially for their junior workers.  

The persistent economic challenges faced by employees and the broader society as a whole informed the unanimous decision to again implement another adjustment.

UBA increased the salaries of their junior workers such as the drivers from N80,000 to N100,000 while the cleaner's salaries were increased from N65,000 to N80,000. 

This increase in the salaries of their junior workers will serve to alleviate the financial burdens faced by these staff and their families. 


4. Stanbic IBTC Bank

Stanbic Bank did not also leave their employees bickering about the economic hardship posed by the removal of the fuel subsidies. 

A few weeks after the removal of the fuel subsidies, the bank announced an increase in the salaries and wages of its staff. 

This salary increase was for both junior workers (Drivers and Cleaners) as well as senior workers.  

The drivers working for Stanbic Bank got an increase in their salaries from N70,000/N80,000 to N100,000/N120,000. 

While the cleaners working for the banking institution got an increase from N65,000 to N80,000. 


5. Wema Bank

Wema Bank raised the salaries of its employees (Drivers and Cleaners) to cushion the effect of fuel subsidy removal citing current economic realities.    

It was a welcome development among the junior workers in the banking institution as the news of the increase in their salaries brought hope and happiness to them.  

Wema Bank’s vision extends beyond its bottom line; with the salary increase for these junior staff, the bank will get the ripple effect of positive change to extend to the wider industry and world of work in general.  

The Drivers working for Wema Bank got their salaries increased from N85,000 to N110,000. 

The Cleaning Staff's salaries got increased from N60,000 to N75,000. 

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