Mumbai: India’s third largest private sector lender Axis Bank has offered a salary hike of up to 12 per cent for over 75,000 employees. This information was disclosed by a source here Tuesday. Axis Bank had already given the yearly bonuses to officials below a certain rank. The sources said now the bonuses will be given to all.
The economic impact due to the pandemic has resulted in layoffs, salary cuts or stopping of increments for employees across sectors. However, many large private sector banks have extended the yearly hikes to employees.
“We have been informed individually about the salary hikes and bonuses,” a source said. He added that the hikes range from four to 12 per cent as per individual performances. The hikes are applicable from October 1. Generally, hikes are given with effect from April 1 every financial year.
Promotions were given to everybody in the usual format earlier itself. However, bonuses were limited to those up to the level of deputy vice- president. Now, the entire staff will be getting the bonuses which are due.
An e-mail sent to a bank spokesperson by this agency remained unanswered.
There have been reports about largest private sector lender HDFC Bank going ahead with its planned salary hikes. The bank’s outgoing CE&MD Aditya Puri has assured the staff that their jobs, increments and bonuses are secure.
ICICI Bank has also given salary hikes to a large section of employees albeit a bit later than usual, as per reports.
Banks have been working throughout the lockdown period but are staring at a rise in non-performing assets. It is because of the reverses faced by the economy.