The country's second-largest private sector lender ICICI Bank has decided to reward more than 80,000 of its frontline employees with a salary hike of up to 8 per cent. News agency PTI reported that the hike of up to 8 per cent is for the fiscal year 2020-21 and applicable from July onwards.
As many as 80,000 employees form more than 80 per cent of its overall workforce and the decision has been taken in recognition of the services rendered during the novel coronavirus pandemic, the sources told.
Most of 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 country's second-largest private sector lender bank.
ICICI Bank had reported a 26 per cent surge in its March quarter net at Rs 1,221 crore on a standalone basis.
The development comes at a time when the Covid-19 pandemic has made an unprecedented impact on the Indian businesses, particularly small and medium enterprises (SMEs) and startups. The Covid pandemic has hit the businesses of around 70 per cent startups.
Several companies have been forced to stall salary hikes or even cut salaries as they seek to get some control over costs.
Meanwhile, another General insurer Future Generali India Insurance has announced promotions, annual increments and variable payouts to all its employees.
Furthermore, the company declared that no layoffs will happen during these unprecedented times.
(With agency inputs)