ICICI Bank reward its 80000 employees with up to eight percent pay hike for working during covid-19. The decision has been taken in recognition of the services rendered during the pandemic.
the country’s second largest private sector lender ICICI bank has decided to give its front line employees salary upto to 8%. This Hike of up to 8% is for the fiscal year 2020-2021 and applicable from July onwards.
These employees are said to be from M1 and grades below who are frontline staff mostly in customer-facing rules. these employees maintain the functioning of branches and other operations of the bank.
ICICI bank has reported a 26% search in its March quarter which is rupees 1200 21 crore on a standalone basis. Reducing costs has become imperative because of the economic impact of the covid-19 pandemic.
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 as they seek to get some control over costs.