In response to the rising cost of living, Guaranty Trust (GT) Bank, will as from July 2023 increase salaries for its junior and contract staff.
Information Nigeria reports that the recent removal of fuel subsidies in Nigeria has had widespread impact on individuals across the country, including employees who now face increased transportation expenses for their daily commute.
According to Nairametrics, GTBank will implement a 100% increase in the salaries of junior staff members notably employees in outsourced roles, such as security staff, cleaners, and drivers.
Cleaners will now earn between N70,000 to N80,000, while drivers will receive between N140,000 to N150,000.
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However, it is important to note that the majority of these employees fall under outsourced arrangements with third-party service providers.
A review of the bank’s 2022 financial statements reveals it has about 774 staff who earn between N770k and N1.4 million annually. These are the lowest-earning staff of the bank.
Another 340 earn above N1.4 million but less than N2.05 million annually while 741 staff earn between 2.1 million and N3 million per annum.
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.
