“No More N40k”: GTBank Increases Junior Staff Salaries, More Companies to Follow as Cost of Living Rises

Junior staff of GTbank set to get increased pay Photo credit: @GTB Source: Facebook
  • Guaranty Trust Bank has decided to increase the salaries of its junior and contract staff to cushion the effect of rising cost of living
  • Some of the staff who earned a little above N40,000 are now set to go home with over N100,000 monthly salary
  • In the past few weeks, the Tinubu-led government has announced the removal of fuel subsidy and also naira floating 

One of Nigeria’s leading financial institutions, Guaranty Trust Bank, has decided to review upward the salaries of its junior staff and contract staff starting from July 2023.

The move is to help cushion the effect of the rising cost of living following the removal of fuel subsidy and the decision of the Central Bank of Nigeria to float the naira.

Since the removal of fuel subsidy, the cost of per liter of petrol has increased from an average of N200 to over N500, and it is expected to rise further.

Gtbank improved salary

According to a report by Nairametrics, these changes forced the management of Guaranty Trust Bank to implement a 100% increase in the salaries of junior staff members, notably employees in outsourced roles such as security staff, cleaners, and drivers.

The report noted that there are about 774 staff who earn between N770k and N1.4 million annually.

Additionally, another 340 earn above N1.4 million but less than N2.05 million annually, while 741 staff earn between N2.1 million and N3 million per annum.

With the latest changes, the report noted that cleaners will now earn between N70,000 and N80,000 comapred to the previous monthly salary of N35,000 and N40,000, while drivers will receive between N140,000 and N150,000.

Nigeria banking staff record

According to the most recent available data from the National Bureau of Statistics, the total commercial staff strength stands at 90,455.

This comprises 200 Executive Staff, 16,390 Senior Staff, 35,193 Junior Staff, and 38,672 Contract Staff.

This means that Junior and Contract staff accounted for about 82 percent of Commercial Banks’ total workforce.