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In response to the rising cost of living caused by the removal of fuel subsidy and the floating of the naira, Guaranty Trust Bank has announced that it will increase the salaries of its junior and contract staff starting in July 2023.
The decision was made to help alleviate the financial burden on employees.
The increase will particularly benefit outsourced staff such as security personnel, cleaners, and drivers, with some seeing their salaries double from N35,000 to N70,000 or N40,000 to N80,000.
Other companies are also considering adjusting their staff salaries in response to the economic changes.
The National Bureau of Statistics reports that junior and contract staff make up about 82% of the total commercial banking workforce in Nigeria.
This article was updated 10 months ago
