One of Nigeria’s leading financial institutions, Guaranty Trust Bank (GTB) has reviewed upward the salaries of its junior and contract staff starting from July 2023.
The move is to help cushion the effect of the rising cost of living following the removal of fuel subsidy and the decision of the Central Bank of Nigeria (CBN) to float the naira.
Since the removal of the fuel subsidy, the cost per litre of petrol has increased from an average of N200 to over N500, and it is expected to rise further.
The value of the Naira has also plummeted, making the cost of importing raw materials for manufacturers and other items even more expensive.
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According to a report by Nairametrics, these changes forced the management of Guaranty Trust Bank to implement a 100% increase in the salaries of junior staff members, notably employees in outsourced roles such as security, cleaners, and drivers.
The report noted that there are about 774 staff who earn between N770k and N1.4 million annually. Additionally, another 340 earn above N1.4 million but less than N2.05 million annually, while 741 staff earn between N2.1 million and N3 million annually.
With the latest changes, the report noted that cleaners will now earn between N70,000 and N80,000 compared to the previous monthly salary of N35,000 and N40,000, while drivers will receive between N140,000 and N150,000.
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 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.
