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.
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.
- In addition, the rising inflation has led to higher fuel prices, causing public transportation providers such as buses, keke napep, and motorcycles to raise their fares accordingly.
- This situation has significantly affected those who rely on public transportation, particularly workers in the private sector.
- With the rising cost of transportation, many employees are now forced to allocate a substantial portion of their salaries solely to cover commuting expenses, leaving little for other essential needs like food and rent.
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.
- Nairametrics understands cleaners will now earn between N70,000 to N80,000, while drivers will receive between N140,000 to N150,000.
- However, it is important to note that the majority of these employees fall under outsourced arrangements with third-party service providers.
- There are also reports that other banks may have also increased the salaries of junior staff while others are thought to be reviewing their payroll cost.
- Sources also reveal to Nairametrics that Fidelity Bank had commissioned more staff buses to reduce the burden of commuting for its employees.
- We also understand Access Bank is also working on ensuring that their 40 staff buses are back on the road.
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.
- While the Nigerian government argues that this policy will lead to cost savings, reduced corruption, and increased investment in the oil sector, many citizens have expressed doubts about the benefits and raised concerns about the adverse effects on their lives.
- As Nigerians adapt to these changes, it remains crucial for stakeholders to continue assessing the consequences and explore measures to mitigate the adverse effects of subsidy removal, particularly on employees’ financial stability and overall welfare.
- The removal of fuel subsidies represents a significant change in Nigeria’s economic policy, with the aim of addressing fiscal challenges and promoting market-based pricing.
However, the resulting effects on inflation, transportation costs, and individuals’ well-being should not be underestimated.
These are contract staff under a contractor. GTB does not pay the junior staff directly. At the end, what gets to the staff is a fraction of what GTB pays
My honest appeal is for the banks to stop hiring security men/women from security company as what they pay those guys is not up to 30 percent of what they received from the banks thereby using these men and women like slaves
It depends on the Contracting agreement. GTB can stipulate that 85% of the 100% increase goes directly to the worker while the remaining 15% is for G & A (General and Admin expenses which is what the Management charges are for in the first place. This way, it ensures that majority of the increment goes directly to the worker because they are the ones who do the work anyway. Many Companies insist on a cap on the G&A, that way they ensure they don’t end up with exploited and dissatisfied workers like you have said in your post.
Pls can zenith bank do this for the staff tinubu need to visit Jim ovia for people pls of zenith bank wat they will do is to add 5000naira pls help us talk to zenith bank management
GTB MD, Are you aware that some dom account holders in some of your branches in Port Harcourt are unable to access their monies for several months? You need to address your operational issues.
thats is not the subject of the discussion
Please can the bank look into the age they are employing staff, cos if they say age limit is 25 to 26yrs have we check the educational article in Nigeria after university someone will have to spend another time before going for service at least 30years of age is okay, we are looking for competent people not age please let look towards this thanks.
Ur right we’re going to review it
it is a welcomed move. i am suppose to be a part of it