Mumbai: India’s second-largest private sector lender ICICI Bank will be rewarding over 80,000 of its frontline employees with a salary hike of up to 8 percent.
The hike will benefit over 80 percent of its total employees, Business Today reported citing sources in the bank. The decision has been reportedly taken for their services during the COVID-19 pandemic.
The hike will be implemented for the fiscal year 2020-21 from July onwards.
The employees are mostly in the customer-facing roles and belong to M1 and grades below.
It is to be noted that this comes at a time when most organisations have been forced to cut jobs or reduce salaries.
ICICI Bank had reported a good March quarter with a 26 percent surge net at Rs 1,221 crore.
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