Guaranty Trust Bank, GTB, has increased salaries for its junior and contract staff in response to the rising cost of living.
Some affected staff of the bank confirmed that tier 1 bank doubled salaries for its junior staff members in line with rising inflation.
News of the increase first broke on social media as friends of staff of the bank reported salary increases.
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.
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.
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.
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.
Cleaners in the bank will now earn between N70,000 to N80,000, while drivers will receive between N140,000 to N150,000.
However, it is important to note that the majority of these employees fall under outsourced arrangements with third-party service providers.