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    Yes Bank approves big bonuses, salary hikes for FY19

    finance | IST

    Yes Bank approves big bonuses, salary hikes for FY19

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    Yes Bank said its appraisal-linked compensation is competitive and in line with market.

    Private lender YES Bank has given huge bonuses and salary raise in the fiscal year 2019 appraisal in order to retain talent. The bank has approved bonuses in the range of 30 percent to 40 percent of CTC and has offered 20 percent increment in FY19, sources told CNBC-TV18.
    The bonus payout will not be at one go but disbursed on a periodical basis, with 30 percent of the amount after completion of four months, next 40 percent upon completion of eight months and the balance 30 percent after completing a year, added sources.
    Yes Bank said its appraisal-linked compensation is competitive and in line with market. "The bank attracts and acquires talent as needed from top campuses and laterally across key growth functions at all levels."
    Moreover, the bank is also aggressively looking for candidates for key positions and is offering attractive salary packages. The bank recently got a new CMO and more key appointments may be in the offing. According to sources, the bank is offering a hike of over 30 percent as well as employee stock ownership plans (ESOPs).
    The bank said it continues to strengthen its human capital aligned to its evolving business strategy and plans.
    There has been a huge interest from outside personnel to join the bank given its attractive offer and after stake sales by former head Rana Kapoor and his promoter group entities via pledged shares, sources said.
    Following the departure of Kapoor, Yes Bak has seen several board members and executives leave, including a recent exit of group president Rajat Monga. CEO Ravneet Gill took charge of the bank in March.
    Yes Bank shares have also witnessed wild movements in the last one month over stake sales by promoters, speculations of management reshuffle and some NPAs. The stock price was up over 10 percent in one month, but down around 75 percent in a year.
    Gill in an investor conference call maintained that the lender remains fundamentally strong and that the stake sales were made by entities to fulfil their debt obligations.
    "At the end of the day what we need to also understand is that people have financial commitments, many of them have taken leverage to be able to exercise employee stock ownership plan (ESOPs) which is as you know absolutely standard and again in some cases it was to meet personal commitments, in some cases it was to be able to deleverage which effectively resulted in some of them selling," Gill explained.
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