homefinance NewsAxis Bank gives 4 12% salary hike to employees

Axis Bank gives 4-12% salary hike to employees

Axis Bank gives 4-12% salary hike to employees
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By PTI Oct 6, 2020 11:05:34 PM IST (Published)

The country's third largest private sector lender Axis Bank has offered a salary hike of up to 12 per cent for its over 75,000 employees, a source said on Tuesday. The bank had already given the yearly bonuses to officials below a certain rank and now the bonuses will be given to all, they added.

The country's third largest private sector lender Axis Bank has offered a salary hike of up to 12 per cent for its over 75,000 employees, a source said on Tuesday. The bank had already given the yearly bonuses to officials below a certain rank and now the bonuses will be given to all, they added.

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The economic impact due to the pandemic has resulted in some layoffs, salary cuts or stoppage of increments for employees across sectors. However, many large private sector banks have extended the yearly hikes to employees. "We have been informed individually about the salary hikes and bonuses," a source said, adding that the hikes range from 4 to 12 per cent as per individual performances.
The hikes are applicable from October 1. Generally, hikes are given with effect from April 1 every financial year. Promotions were given to everybody in the usual format earlier itself, and the bonuses were limited to those up to the level of deputy vice president. Now, the entire staff will be getting the bonuses which are due.
An e-mail sent to a bank spokesperson remained unanswered. There have been reports about largest private sector lender HDFC Bank going ahead with its planned salary hikes. The bank's outgoing chief executive and managing director Aditya Puri has assured the staff that their jobs, increments and bonuses are secure.
ICICI Bank has also given salary hikes to a large section of employees albeit a bit later than usual, as per reports. Kotak Mahindra Bank has decided to go for pay cuts of 10 per cent for those earning above Rs 25 lakh a year and 15 per cent for the senior management.
Banks have been working throughout the lockdown period but are staring at a rise in non-performing assets because of the reverses faced by the economy.
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