In a surprise, yet welcome move, India’s biggest private bank: ICICI Bank has announced that 80,000 employees will now get a raise of 8% in salary.
This has been announced at a time when companies are resorting to layoffs, and business is down due to the coronavirus pandemic.
Find out why ICICI Bank is doing this?
ICICI Announces 8% Salary Hike
80,000 employees of ICICI Bank will now get an 8% salary hike, which will be effective July, 2020.
This represents 80% of the workforce in the ICICI Bank, and no other bank has announced such a salary hike during this coronavirus pandemic.
Certainly these 80,000 ICICI Bank employees will rejoice and celebrate this salary hike.
What Is The Reason For Salary Hike?
ICICI Bank is rewarding and encouraging the front-line employees who went to their offices, and served customers during the lockdown phase of the coronavirus pandemic.
Despite facing the threat of infection, and the hardships encountered to reach their respective bank branches, these front-line employees continued their service, and served all their customers.
This salary hike of 8% is ICICI Bank’s way of showing gratitude and saying thanks to them.
Which Employees Will Get This Salary Hike?
All employees who are in Grade M1 and below will get this salary hike of 8%, which wil be applicable for the financial year 2020-21, and effective July, 2020.
Essentially, all front-line employees, who are into the customer-facing domain within ICICI Bank will get the salary hike. This will include approximately all branch staff who served the customers during the lockdown, and didn’t stop going to the branches.
For the March quarter, ICICI Bank reported an increase of 26% in net profit, to reach Rs 1221 crore.
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