Union Bank of Nigeria, now a subsidiary of Titan Trust Bank, has taken significant steps to alleviate the financial burden faced by its employees. The bank has implemented a substantial 40% salary increase for its over 2,000 staff members, effective November 1, 2024.
This decision comes as Nigeria struggles with a persistent surge in inflation, which has eroded purchasing power and significantly increased the cost of living. The salary adjustment aims to provide much-needed relief to employees across all levels, from entry-level positions to executive roles.
The increased salaries, including arrears for November, will be reflected in the December 2024 payroll.
The current high cost of living in the country had no doubt affected both the employed and unemployed.
This significant step made by Union bank shows that it not only cares about employees’ productivity, but also their well being during these challenging economic times.
The salary increase applies to all employees, ranging from executive trainees to general managers, and outsourced associates, the internal memo said.
Executive trainees, who were earning ₦260,000 ($153) per month, will now take home ₦364,000 ($215) per month, according to sources with direct knowledge of the bank’s salary structure.
A senior banking officer (SBO) will now be bumped to ₦20 million ($11,792) in annual gross salary, a second person shared.
This is the third salary increase Union Bank has implemented since 2022.
Union Bank spent ₦34 billion on personnel expenses in 2023, a 27% jump from the previous year, according to its financial statements. This 40% increase means the bank would spend ₦47.6 billion in the coming year.
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