Subsidy removal: GTBank doubles salaries of junior staff

The bank’s lowest-earning staff, who earn between N770,000 and N1.4 million annually, have had their salaries doubled. Another 340 staff who earn between N1.4 million and N2.05 million annually have also had their salaries increased. The remaining 741 staff, who earn between N2.1 million and N3 million per annum, have also had their salaries increased.

The news of the salary increase first broke on social media, after friends of staff at the bank reported the increases. A review of the bank’s 2022 financial statements reveals that it has about 1,855 staff who earn less than N3 million annually.

The salary increases are a positive step for GT Bank’s junior and contract staff, who have been struggling to make ends meet in the face of rising inflation. The increases will help to improve their standard of living and make it easier for them to meet their basic needs.

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.

• GT Bank is increasing the salaries of its junior staff members, including those in outsourced roles, by 100%.
• The increase will take effect from July 2023.
• Cleaners will now earn between N70,000 and N80,000, while drivers will receive between N140,000 and N150,000.
• The majority of these employees fall under outsourced arrangements with third-party service providers.
• Other banks may also have increased the salaries of their junior staff, while some are reviewing their payroll costs.
• Fidelity Bank has commissioned more staff buses to reduce the burden of commuting for its employees.
• Access Bank is also working to get its 40 staff buses back on the road.

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