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.
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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.
