ICICI Bank to reward 80k employees with up to 8% pay hike for work done during COVID-19


PTI, Jul 7, 2020, 6:13 PM IST

New Delhi: The country”s second largest private sector lender ICICI Bank has decided to reward over 80,000 of its frontline employees with a salary hike of up to 8 per cent, sources said on Tuesday.

These employees form over 80 per cent of its overall workforce and the decision has been taken in recognition of the services rendered during the COVID-19 pandemic, the sources told PTI.

The hike of up to 8 per cent is for the fiscal year 2020-21 and applicable from July onwards, the sources said.

An e-mail sent to the bank did not elicit any response.

The sources said 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 bank.

It can be noted that the development comes at a time when a slew of organisations have been forced to stall salary hikes or even cut salaries as they seek to get some control over costs.

Reducing costs has become imperative because of the economic impact of the COVID-19 pandemic, which has resulted in lockdowns across the country since late-March and has disrupted economic activities.

ICICI Bank had reported a 26 per cent surge in its March quarter net at Rs 1,221 crore on a standalone basis.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Housing sales in Jan-Jun at 9-yr high in top 8 cities; sales see 60 pc annual growth: Knight Frank

Chris Evans to feature with Emily Blunt in ‘Pain Hustlers’

Kerala assembly adjourned after UDF protest over Minister’s anti-Constitution comments

Cloudburst in Himachal, four feared washed away

Chandrashekhar Guruji killing: Police get clues about motive behind chilling murder

Active Covid cases in country rise to 1,15,212

‘Biggest proof of honesty’, says Kejriwal after CAG report shows revenue surplus during AAP regime


Related Articles More

Housing sales in Jan-Jun at 9-yr high in top 8 cities; sales see 60 pc annual growth: Knight Frank

SpiceJet shares slide 7 pc; hit 52-week low level

Industry body CII pitches for simplification of GST, reduction in tax slabs

ED conducts raids against Vivo, related companies in money laundering probe

RBI launches next round of survey of manufacturing companies

MUST WATCH

Chandrashekhar guruji case : accused arrested

NEWS BULLETIN 05-07-2022

Heavy Rain : Huge Rock fall in road at madikeri

Land Slide Karnataka Kerala Road Close

Sarala vaastu fame Dr Chandrashekhar guruju killed in Hubballi


Latest Additions

Housing sales in Jan-Jun at 9-yr high in top 8 cities; sales see 60 pc annual growth: Knight Frank

Chris Evans to feature with Emily Blunt in ‘Pain Hustlers’

Aus-bound Emirates flight flies for nearly 14 hours with hole in its side

Bounce to sell its electric vehicle product offerings via common service centres

Kerala assembly adjourned after UDF protest over Minister’s anti-Constitution comments

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.