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In response to the impact of inflation caused by the removal of fuel subsidies, several Nigerian banks, including GTBank, Zenith, and Stanbic, have announced salary increases for their employees.
Wema Bank was one of the first to raise salaries, citing economic realities as the reason.
GTBank also prioritized the welfare of its workforce and increased salaries for cleaners to N70,000 and drivers to N120,000.
Zenith Bank followed suit and implemented company-wide salary increases for all staff categories, with drivers now earning around N120,000 and cleaners earning around N80,000.
These salary adjustments aim to alleviate the hardships faced by employees due to the high cost of living caused by subsidy removal.
Other banks, such as Fidelity Bank, have also introduced bonuses to ease the burden on their staff.
In terms of overall personal costs, Ecobank was reported as the highest-paying Nigerian bank in 2022, followed by Access Holdings, UBA, First Bank, and Stanbic IBTC.
