To cushion the effect of the fuel subsidy removal, some Deposit Money Banks (DMBs) in the country have increased the salaries of their employees across board.
The banks include Zenith Bank Plc, First Bank of Nigeria Limited, Wema Bank Plc.
At Zenith Bank, 234News gathered that the salary increase was all-encompassing, covering both contract and permanent staff members.
Depending on their respective grade levels, some employees were fortunate enough to receive substantial raises ranging from 25 to 50%.
Leading with a workforce of over 8,000 employees, Zenith Bank allocated a significant N86.4 billion for personnel expenses in as of December 2022.
For First Bank, 234News reliably confirmed that the lender increased the salaries of its workers few weeks before the stoppage of subsidy payment by the federal government.
It was also the same exciting story at Wema Bank.
A statement signed by its divisional head, People, Brand & Culture, Ololade Ogungbenro on Thursday said the decision became necessary because it prioritised its employees’ welfare.
The lender noted that the current economic realities, which had witnessed recent spikes in fuel, electricity, and other prices, required employers to prioritise the welfare of their workers.
Beyond financial incentives, Ogungbenro disclosed that the bank provided opportunities to its workers for personal and professional growth by nurturing a culture of learning and development.
According to her: “Wema Bank’s vision extends beyond its bottom line; with this salary increase for its staff, the bank expects the ripple effect of positive change to extend to the wider industry and world of work.
“Wema Bank’s unwavering support for its employees lies at the heart of this expected transformation.
“The impact of this salary increase bears more than mere numbers on a pay slip, employees are experiencing a renewed sense of motivation and dedication to their roles, knowing that their hard work is genuinely recognised and rewarded.
“The bank valued every individual’s contribution, regardless of employment status.”
This is a way of fostering a sense of belonging in its staff, she noted, ensuring that each member felt like an integral part of the bank’s success story.
The salary increment is expected boost the morale of the employees, leading to enhanced productivity, improved teamwork and fostering a sense of appreciation and loyalty among staff.