UBA, Zenith Bank, GTB… banks increase salaries, benefits amid cost of living crisis

Some commercial banks in the country have increased the salaries and allowances of their employees to help them cope with the rising cost of living.

Checks by TheCable showed that the banks include Wema Bank, Zenith Bank, Guaranty Trust Bank (GTB), United Bank for Africa (UBA) and Union Bank.

In a statement on Friday, UBA said its board of directors have announced the implementation of a cost of living adjustment for its staff effective immediately.

UBA said although it had previously implemented cost of living adjustment for staff on October 1, 2021 and more recently on April 1, 2023, the persistent economic challenges faced by employees and the broader society as a whole informed the unanimous decision to again implement another adjustment.

“We are aware of the impact of recent economic policy pronouncements on prices and your capacity to meet your financial commitments to family and personal needs,” Oliver Alawuba, the bank’s chief executive officer, said.

“As an organisation focused on the well-being of our people, I am pleased to inform you that the Board of UBA Plc has approved a Welfare Allowance for all employees.”

Alawuba explained that the decision to adjust the staff’s remuneration package once again demonstrates UBA’s unwavering commitment to maintaining the standard of living for its employees at a level that is commensurate with prevailing economic conditions.

“This move will serve to alleviate the financial burdens faced by our staff and their families, reinforcing the bank’s position as a responsible and caring employer,” he explained.

Earlier this week, Wema Bank announced a raise in the salaries of its workers to cushion the effect of petrol subsidy removal.

The bank said the current economic realities, which had witnessed recent spikes in fuel, electricity, and other prices, required employers to prioritise the welfare of their workers.

“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,” Ololade Ogungbenro, the bank’s divisional head, people, brand & culture, said in a statement.

“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.”

Similarly, Zenith Bank announced an implementation of a company-wide salary increment for all its staff to address the prevailing economic challenges resulting from the removal of petrol subsidy.

GTBank also said it increased salaries of its junior and contract staff in line with rising inflation. The bank said the raise took effect from July 2023.

TheCable’s findings also revealed that Union Bank raised the salaries of all its workers due to the high cost of living and impact of subsidy removal on employees’ transportation costs.

“Other banks were increasing theirs so we had to to remain competitive. The salaries of old contract workers have been increased from about N89,000 to N140,000 plus. For new ones, it was increased to N120,000 plus,” a mid-level employee of Union Bank told TheCable.