ICICI Bank to reward 80,000 employees with up to 8% pay hike for working during COVID-19
The country’s second largest private sector lender ICICI Bank has decided to reward over 80,000 of its frontline employees with a salary hike of up to eight percent, sources said on July 7.
These employees form over 80 percent of its overall workforce and therefore the decision has been taken in recognition of the services rendered during the COVID-19 pandemic, the sources told PTI.
The hike of up to eight percent is for the financial year 2020-21 and applicable from July onwards, the sources said.
An e-mail sent to the bank didn’t elicit any response.
The sources said these employees are from M1 and grades below, who are frontline staff mostly in customer-facing roles. They make sure the functioning of branches and other operations of the bank.
It are often noted that the event comes at a time when a slew of organisations are forced to stall salary hikes or maybe cut salaries as they seek to urge some control over costs.
Reducing costs has become imperative due to the economic impact of the COVID-19 pandemic, which has resulted in lockdowns across the country since late-March and has disrupted economic activities.
ICICI Bank had reported a 26 percent surge in its March quarter net at Rs 1,221 crore on a standalone basis.