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GTB doubles salaries of junior staff to cushion subsidy removal

GTCO

GT Bank has increased salaries for its junior and contract staff in response to the rising cost of living.

Some affected staff of the bank who spoke to Nairametrics confirmed the tier 1 bank doubled salaries for its junior staff members in line with rising inflation.

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.

Another 340 earn above N1.4 million but less than N2.05 million annually while 741 staff earn between 2.1 million and N3 million per annum.

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Fuel Subsidy removal

The recent removal of fuel subsidies in Nigeria has had a widespread impact on individuals across the country, including employees who now face increased transportation expenses for their daily commute.

GTB raises salary

Starting from July 2023, GTBank is set to implement a 100% increase in the salaries of junior staff members notably employees in outsourced roles, such as security staff, cleaners, and drivers.

Labour calls for wage increases

Recall that The Nigeria Labour Congress (NLC) had proposed a wage award proposal to the Federal Government in an effort to alleviate the impact of subsidy removal on Nigerian citizens.

However, the resulting effects on inflation, transportation costs, and individuals’ well-being should not be underestimated.

 

 

 

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