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 8 per cent, sources said on Tuesday.
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, as per a media report.
The hike of up to 8 per cent is for the fiscal year 2020-21 and applicable from July onwards.
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.
It can be noted that the development comes at a time when a slew of organizations have been forced to stall salary hikes or even cut salaries as they seek to get some control over costs.
Reducing costs has become imperative because of the economic impact of the COVID-19 pandemic, which has resulted in lockdowns across the country since late-March and has disrupted economic activities.