New Delhi: The country’s second largest private sector lender ICICI Bank has decided to reward over 80,000 of its frontline employees. It will do so with a salary hike of up to eight per cent, sources said Tuesday. These employees form over 80 per cent of ICICI Bank’s overall workforce. The decision has been taken in recognition of the services rendered during the COVID-19 pandemic, sources added. The hike of up to eight per cent is for the fiscal year 2020-21 and applicable from July onwards.
An e-mail sent to the bank by this agency did not elicit any response.
The sources said these employees are from M1 and grades below, who are frontline staffs mostly in customer-facing roles. They ensure the functioning of branches and other operations of the bank.
It can be noted that the development comes at a time when a slew of organisations have been forced to stall salary hikes or even cut salaries. These companies are desperately trying to get some control over costs.
Reducing costs has become imperative because of the economic impact of the COVID-19 pandemic. It has resulted in lockdowns across the country since late-March and has disrupted economic activities.
ICICI Bank had reported a 26 per cent surge in its March quarter net at Rs 1,221 crore on a standalone basis.