ICICI rolls out 8% salary hike for its 80,000 frontline employees

The hike will be applicable from July onwards, for the fiscal year 2020-21.

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Close on the heels of several social-media tweets claiming that ICICI Bank had forcefully terminated some of its employees, the private-sector bank has gone ahead and decided to reward over 80 per cent of its frontline employees with a salary hike of up to eight per cent.

This hike has been given to the employees in appreciation of the services rendered by them during the COVID-19 pandemic. The hike will be applicable from July onwards, for the fiscal year 2020-21

It is reported that the frontline employees eligible for this hike belong to M1 grade and  below, of whom most are in customer-facing roles. These employees have significantly contributed to the smooth functioning of branches and other operations of the Bank even during the lockdown.

These increments bring good news to the Bank’s staff at a time when most other organisations are being either forced to hold back salary hikes, impose salary cuts and even resort to layoffs as part of cost-cutting measure.

The Board of Directors of ICICI Bank is reportedly thinking of raising funds through equity shares or equity-linked securities.

The Bank has asked its employees to join back at their base locations and resume work as soon as possible.

Earlier HDFC and Axis bank has gone ahead ahead with its increments and bonuses based on previous year’s performance. Axis Bank had announced a bonus for 80 per cent of its sub-management-level employees and completed its promotions for the year.