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 percent. These employees form over 80 percent of its overall workforce and the decision has been taken in recognition of the services rendered during the Covid-19 pandemic.
The hike of up to 8 percent is for the fiscal year 2020-21 and applicable from July onwards. 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 organizations have been forced to stall salary hikes or even cut salaries as they seek to get some control over costs.
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