GTB doubles salaries of junior staff to cushion subsidy removal

In reaction to the rising cost of living, GT Bank has raised compensation for its contract and junior employees.

According to some impacted bank employees who talked with Nairametrics, the tier 1 bank raised the pay for its junior employees to keep up with rising inflation.

When bank employees’ friends posted about compensation hikes on social media, the increase first became public knowledge.

According to an examination of the bank’s 2022 financial records, there are 774 employees who make between N770k and N1.4M annually. These employees make the bank’s lowest salaries.

741 employees make between N2.1 million and N3 million annually, while another 340 make over N1.4 million but less than N2.05 million.