The recent removal of the petrol subsidy in Nigeria has increased the cost of living. As a response to the rising inflation, financial institutions like GT Bank have decided to increase the salaries of their junior and contract staff.
The news of the salary increase was initially spread through social media as friends of the bank’s staff reported the changes.
GT Bank’s 2022 financial statements indicate that they have approximately 774 staff members earning between N770,000 and N1.4 million annually, making them the lowest-earning employees.
Additionally, 340 staff members earn above N1.4 million but less than N2.05 million per year, while 741 staff members earn between N2.1 million and N3 million annually.
Starting from July 2023, GT Bank plans to implement a 100% increase in the salaries of junior staff members, particularly those in outsourced roles such as security staff, cleaners, and drivers.
According to a report from Nairametrics, cleaners will now earn between N70,000 to N80,000, while drivers will receive between N140,000 to N150,000. It’s important to note that most of these employees are engaged through outsourced arrangements with third-party service providers.
There are indications that other banks may have also increased the salaries of their junior staff, while some are reportedly reviewing their payroll costs. For instance, Fidelity Bank has commissioned additional staff buses to alleviate the commuting burden for its employees. Access Bank is also said to be working on restoring their 40 staff buses for transportation purposes.
In response to the rising costs and demands from the labor congress, there have been calls for the federal government to increase the minimum wage to N200,000. It appears that the federal government is considering this proposal as several meetings have been held and a response is awaited.
