After the HDFC Bank India second-largest private sector lender company ICICI Bank has announced that gives reward over 80,000 of its frontline employees with an increase in the salary up to 8 per cent, sources said on Tuesday.
These employees constitute 80 percent of their overall workforce and the decision has been taken in recognition of the services provided during the COVID-19 epidemic, sources told PTI.
Sources said the hike up to 8 percent is for the fiscal year 2020-21 and this is applicable from July onwards.
An e-mail sent to the bank did not elicit any response.
Sources said that these employees are from M1 and below grades, who are mostly frontline staff in roles facing customers. They ensure the functioning of branches and other functions of the bank.
It can be noted that this news comes at a time of Corona. When many organizations have been forced to stall salary hikes or even cut employees’ salaries as they seek to get some control over costs.
The economic impact of the COVID-19 epidemic has resulted in cost reductions, resulting in a lockout and disrupting economic activity across the country since late March.
ICICI Bank had reported a 26 per cent surge in its March quarter net at Rs 1,221 crore on a standalone basis.