Wema, GTBank, Others Raise Worker’s Salary As Inflation Bites


Following government reforms that exacerbated inflation, Wema Bank, Zenith Bank, Guaranty Trust Bank (GTB), United Bank for Africa (UBA), and Union Bank have increased the salaries and allowances of the employees to help them cope with the high costs of living.

Nigeria has faced soaring costs since President Bola Tinubu eased currency restrictions and eliminated gasoline subsidies after taking office in May. The moves were part of an effort to revive Africa’s biggest economy after almost a decade of downturn.

In the meantime, the naira has plunged by about 40% against the US dollar and the cost of gasoline has more than tripled. Inflation in the country hit a seven-year high in June, and the government declared an emergency due to surging food prices earlier this month.

In a statement on Friday, UBA said its board of directors has announced the implementation of a cost of living adjustment for its staff effective immediately.

Oliver Alawuba, the bank’s Chief Executive Officer, said, “We are aware of the impact of recent economic policy pronouncements on prices and your capacity to meet your financial commitments to family and personal needs,” Oliver Alawuba, the bank’s chief executive officer, said.

“As an organisation focused on the well-being of our people, I am pleased to inform you that the Board of UBA Plc has approved a Welfare Allowance for all employees.”

Alawuba explained that the decision to adjust the staff’s remuneration package once again demonstrates UBA’s unwavering commitment to maintaining the standard of living for its employees at a level that is commensurate with prevailing economic conditions.” He explained.

Wema Bank also announced a raise in the salaries of its workers to cushion the effect of petrol subsidy removal.

The bank said the current economic realities, which had witnessed recent spikes in fuel, electricity, and other prices, required employers to prioritise the welfare of their workers.

Speaking on the development, Ololade Ogungbenro, Divisional head, people, brand & Culture, Wema Bank said “The Bank’s vision extends beyond its bottom line; with this salary increase for its staff, the bank expects the ripple effect of positive change to extend to the wider industry and world of work,”

“The impact of this salary increase bears more than mere numbers on a pay slip, employees are experiencing a renewed sense of motivation and dedication to their roles, knowing that their hard work is genuinely recognised and rewarded.”

In the same vein, Zenith Bank announced an implementation of a company-wide salary increment for all its staff to address the prevailing economic challenges resulting from the removal of the petrol subsidy.

GTBank also said it increased salaries of its junior and contract staff in line with rising inflation. The bank said the raise took effect from July 2023.

According to a report, Union Bank also raised the salaries of all its workers due to the high cost of living and the impact of subsidy removal on employees’ transportation costs.

However, Access Holdings Plc is working on a similar measure, according to spokespeople for the companies. 

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