"No More N40k": GTBank Increases Staff Salaries, More Companies to Follow as Cost of Living Rises

• Guaranty Trust Bank has increased the salaries of its junior and contract staff to cushion the effect of the rising cost of living
• Some staff who earned a little above N40,000 are now set to go home with over N100,000 monthly as salary
• In the past few weeks, the Tinubu-led government announced the removal of fuel subsidy and the floating of the naira

One of Nigeria's leading financial institutions, Guaranty Trust Bank, has reviewed upward the salaries of its junior and contract staff starting from July 2023.

The move is to help cushion the effect of the rising cost of living following the removal of fuel subsidy and the decision of the Central Bank of Nigeria (CBN) to float the naira.

Since the removal of the fuel subsidy, the cost per litre of petrol has increased from an average of N200 to over N500, and it is expected to rise further.

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The value of the Naira has also plummeted, making the cost of importing raw materials for manufacturers and other items even more expensive.

GTBank's improved salary scale

According to a report by Nairametrics, these changes forced the management of Guaranty Trust Bank to implement a 100% increase in the salaries of junior staff members, notably employees in outsourced roles such as security, cleaners, and drivers.

The report noted that there are about 774 staff who earn between N770k and N1.4 million annually.

Additionally, another 340 earn above N1.4 million but less than N2.05 million annually, while 741 staff earn between N2.1 million and N3 million annually.

With the latest changes, the report noted that cleaners will now earn between N70,000 and N80,000 compared to the previous monthly salary of N35,000 and N40,000, while drivers will receive between N140,000 and N150,000.

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Legit.ng gathers that many other companies are also considering adjusting staff salaries.

Nigeria's banking staff record

According to the most recent available data from the National Bureau of Statistics, the total commercial staff strength is 90,455.

This comprises 200 executive staff, 16,390 senior staff, 35,193 junior staff, and 38,672 contract staff.

This means that junior and contract staff accounted for about 82% of Commercial Banks' total workforce.

Top 20 highest salary-paying companies in Nigeria

Meanwhile, in another report, the list of the highest salary-paying companies in Nigeria has been revealed, with MTN and UBA included.

The list includes 20 companies from the oil and gas sector, including the financial industry.

The ranking was determined by considering both the number of staff employed and the total expenses incurred on staff salaries.

Source: Legit.ng