The recent removal of fuel subsidies in Nigeria has had a widespread impact on organisations and individuals across the country. While prices of essential commodities have continued to rise, individuals are faced with increased transportation expenses.
With the rising cost of transportation, many employees, especially those in the private sector, 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.
In a bid to ameliorate the effects of the removal of Subsidy, Guarantee Trust Bank, GTB, has increased salaries for its junior and contract staff in response to the rising cost of living, Africa Update has gathered.
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.
News of the salary increase first broke on social media as friends of staff of the bank reported salary increases.
Sequel to this new policy, Africa Update was reliably informed that cleaners will now earn between N70,000 to N80,000, while drivers will receive between N140,000 to N150,000.
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 increased the salaries of junior staff while others are thought to be reviewing their payroll cost.
Similarly, Access Bank is also working on ensuring that their 40 staff buses are back on the road to convey their workers.
