On July 7, sources said the country’s second-largest private sector bank, “ICICI Bank has decided to reward over 80,000 of its frontline employees with a salary hike of up to 8 per cent”.
They added, “These employees form over 80 per cent of its overall workforce and the decision has been taken in recognition of the services rendered during the Covid-19 pandemic. The hike of up to 8 per cent is for the fiscal year 2020-21 and applicable from July onwards”.
According to the sources, “These employees are from M1 and grades below, who are frontline staff mostly in customer-facing roles. They ensure the functioning of branches and other operations of the bank”.
The bank’s decision comes at a time when many organisations are adhering to holding the salary increments and even scaling down salaries in order to reduce the costs to survive from the economic fallout of the Covid-19 pandemic.
ICICI Bank has reported a 26 per cent increase in its March quarter’s net revenue to Rs 1,221 crore on a standalone basis.