Wema Bank Increases Staff Salaries as Impact of Fuel Subsidy Removal Bites Hard

• Wema Bank said it is increasing the salaries of workers to enable them cope with economic realities in Nigeria
• It stated that the development will allow its staff maintain a high standard of living
• The bank said that the latest rise in staff compensation is to guarantee the satisfaction of both its customers and employees

Wema Bank has announced an increase in staff compensation to soften the impact of the harsh economic reality brought on by the elimination of fuel subsidy.

Ololade Ogungbenro, Divisional Head, People, Brand & Culture mentioned this in a statement by the bank.

Recently, Legit.ng reported that one of Nigeria's leading banks, Guaranty Trust Bank, reviewed upward the salaries of its junior and contract staff by 100%.

Wema Bank said it is increasing the salaries of workers to enable them cope with the realities in Nigerianior staff respectively across the country.B

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Bank said increment is necessary

Ogungbenro noted that the bank continues to be a brand that, in addition to fostering employment growth, guarantees that its staff members carry out their responsibilities in a supportive and fulfilling environment without jeopardising their ability to maintain a healthy work-life balance.

Leadership reported that the bank claimed that the increase was necessary to provide its whole personnel with the means to maintain a high standard of living in the current financial environment and to set the bar for employee-friendly policies in Nigeria.

According to Ogungbenro, the financial institution's stance has rightfully earned it a place among the top tier banks in the sector.

She maintained that the latest rise in staff compensation is another proof that Wema Bank is continually coming up with new ideas to guarantee the satisfaction of both its customers and employees.

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Ogungbenro said that the financial institution is aware that an effective, enabling working environment entails all the material, psychological, and financial elements that improve employees' health, performance, and output.

Nigerian bank, companies raise employees' salaries to reduce hardship

In related news, Legit.ng earlier reported that, a growing number of businesses were taking proactive steps to mitigate the impact on their employees, as inflation and the cost of living continue to rise,

Recognizing the importance of retaining a motivated and productive workforce, many companies have started to increase workers' salaries, aiming to alleviate the financial burdens faced by their employees.

Findings by Legit.ng have revealed that some of the companies displayed a magnanimity of salary increases to as much as 100%.

Source: Legit.ng