India’s second-largest private sector lender ICICI Bank has taken the decision to reward more than 80,000 of its frontline employees with a salary hike of up to 8 percent, reported PTI.
As per the report, in a bid to appreciate and recognise the efforts of 80 percent of its workforce who rendered their services during the outbreak of Covid-19 pandemic, the bank would be rewarding them with salary hike.
The hike of up to 8 percent is meant for the fiscal year 2020-21 and applicable from July onwards, said the sources, as per PTI’s report.
An e-mail sent to the bank did not elicit any response.
These employees belong to M1 and grades below, who are the frontline staffs, primarily in customer-facing roles. They ensure the functioning of branches and other operations of the lender, despite the pandemic.
It is to be noted that at the time when most of the organisations are deducting the salaries of their employees and even sacking them, ICICI decides to offer a hike.
As per several organisations, bringing down the cost because of the economic impact posed due to the Covid-19 pandemic and the lockdowns has become imperative.
Recently, ICICI Bank reported a 26 percent increase in its March quarter net at Rs 1,221 crore on a standalone basis.