GTBank Increases Junior Staff Salaries by 100% Starting From July

For the past weeks, Nigerians have been complaining about the rising cost of living which surpassed their monthly salaries in the respective workplace. The cost of living tripled after the passage of the removal of fuel subsidy which has increased transport fares and prices of food.

Moving to make life a bit easier for its workers, Guarantee Trust Bank (GTB) has moved on to increase the salaries of both junior and contract staff to reduce the effect of the rise of inflation.

The news about the salary increment first broke on social media as staff testified to the news. However, it created room for disbelief due to the economic impact that has affected not only the common man but the banking sector as well. 

Looking back at the review for 2022 GTBank financial statements, it shows that the bank has about 774 staff who earn between N770k to N1.4 million annually. They are considered the lowest-earning staff of the bank. And 340 staff earn above N1.4 million and close to N2.05 million annually, while 741 staff earn between N2.1 million and N3 million per annum.

How Did Fuel Subsidy Removal Affect GTBank Staff?

The removal of fuel subsidies affected a majority of Nigerians who are referred to as the "Common man," This involves all employees in various sectors both public and private institutions and even those who operate their local businesses. Back to how the removal of fuel subsidy affects GTBank staff, the following are strong reasons:

Increase in Transportation Fare

The removal of fuel subsidy has added to the rising inflation which has added to a hike in fuel prices, which in turn increases the price of transportation fares. Why? 97% of public transport services make use of Premium Motor Spirit (PMS) to move their vehicle on the road. With the increase in fuel prices, transport providers have no choice but to increase the price of transportation fares to cover their losses. 

Increase in Food Prices

With the removal of fuel subsidy which has added to the rising inflation, food has increased beyond its usual price. No man can survive without food so the rising cost affects the common man whose salary or business return is not worth compared to the present economic trends.

Low Finance to Cater for House Rent

With the removal of fuel subsidy, there will be a lot of expenses on the employee's desk which will cause issues with land owners. Close to 65% of employees in Nigeria hardly own a home before retirement and this causes many to rent homes for shelter. With the cost of living, there will be a lot of disputes between tenants and landlords.

What Is the Current Salary After GTBank Raises Salary?

The current salary of GTB staff scheduled for increase still remains the same till the end of June. The implementation will start in July and only junior staff members which involve cleaners, drivers, and security staff will be expecting a 100% increment.

Cleaners will now earn between N70,000 to N80,000 while drivers will earn between N140,000 to N150,000. Unfortunately, many of these workers listed in this category work with third-party service providers. 

Are you confused? Third-party service providers are companies that act like a recruiter for those looking for jobs in that field—it could be security, driver or cleaner. They help you find jobs while you as a worker will sign an agreement on a shared percentage.