One of Nigeria’s largest financial institutions, Zenith Bank has implemented a company-wide salary increment for all its staff.
Gatekeepers News reports that the decision comes in response to the prevailing economic challenges brought about by the removal of fuel subsidies.
Reliable sources within the bank confirmed that the salary increase is all-encompassing, covering both contract and permanent staff members.
Depending on their respective grade levels, some employees have been fortunate enough to receive substantial raises ranging from 25 to 50%.
The news of the salary increment spread like wildfire through the financial community, as Zenith Bank’s proactive approach to support its employees during tough economic times received praise and commendation.
As of December 2022, Zenith Bank had allocated a significant N86.4 billion for personnel expenses, making the decision to increase salaries even more significant given the financial implications.
The bank has a workforce boasting over 8,000 dedicated employees.
The salary increase move is expected to have a positive impact on staff morale and motivation, fostering a sense of appreciation and loyalty among employees.
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.
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.
