Michelle Thompson
Thu, Aug 3, 2023 10:40 AM

Nigerian Banks Step Up to Help Workers Amid Rising Living Costs

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Nigerian Banks Step Up to Help Workers Amid Rising Living Costs
Nigerian banks, including Zenith Bank, Wema Bank, and GTBank, have decided to increase the pay and employee benefits of their staff to address the challenges posed by rising living costs in Nigeria. This move aims to alleviate the financial strain faced by workers due to the government's cutback on fuel assistance. Other banks, such as UBA, Fidelity Bank, and Ecobank, have also taken steps to support their employees during these difficult times.

Life in Nigeria has become increasingly expensive for its residents as prices soar and access to affordable gas becomes more limited. In light of these challenges, major banks in the country have recognized the need to assist their workforce in coping with the financial burdens they face. Notably, Zenith Bank, Wema Bank, and GTBank have implemented measures to increase the wages and benefits of their employees.

Recently, Wema Bank announced a salary raise for its staff to help alleviate the added expenses resulting from the reduction in government fuel subsidies. Responding to this trend, GTBank followed suit by granting salary increases to its cleaners and drivers. Cleaners can now earn up to N70,000, while drivers receive N120,000, allowing them to better manage their finances.

GTBank's parent company, Guaranty Holding Company, has consistently emphasized its commitment to more than just profit generation. Recognizing the importance of adequately remunerating its staff, the bank believes that this approach would benefit the entire banking industry. Commencing from July 1, 2023, GTBank further adjusted wages, enabling cleaners to earn between N70,000 and N80,000 and drivers between N140,000 and N150,000.

Zenith Bank adopted a different strategy by providing wage increases across the board for all its employees, including both permanent and contract workers. As a result, drivers now earn approximately N120,000, while cleaners receive around N80,000.

A similar concern for their employees' welfare is evident at United Bank for Africa (UBA), where leaders have implemented wage adjustments to help mitigate the impact of escalating living costs. UBA demonstrates its commitment to its workforce by proactively addressing the financial challenges they face.

The termination of fuel subsidies has significantly contributed to the increased cost of living for Nigerians. Basic necessities, such as food and transportation, have become more expensive. Consequently, all job roles in Nigeria now require higher wages to accommodate the rise in living expenses.

Fidelity Bank is also seeking to alleviate the burden on its employees and has implemented bonuses to support them through these difficult times. The bank recognizes the importance of providing financial assistance to its workforce in navigating the prevailing economic uncertainties.

According to a 2022 report, Ecobank currently boasts the highest compensation rates among Nigerian banks. In the first quarter of 2023, the bank expended N54.83 billion on employee pay and welfare, representing a 16.9% increase from the previous year.

Other prominent banks, including Access Holdings, UBA, First Bank, and Stanbic IBTC, have similarly increased their investments in employee welfare. Such initiatives underscore the banks' commitment to supporting their staff during these challenging times.

In summary, Nigerian banks are taking proactive steps to assist their employees in the face of the country's ongoing financial struggles. By prioritizing employee well-being, these banks set a commendable example for other businesses. As Nigeria continues to grapple with financial hardships, it is imperative that companies recognize their responsibility to safeguard the welfare of their workforce.

Source of content: OOO News 2023-08-03 News

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