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ICICI Bank to reward 80,000 employees with salary hike for working during coronavirus

The country's largest private sector bank has decided to give a salary hike of up to 8 per cent to more than 80,000 of its frontline staff

twitter-logoBusinessToday.In | July 7, 2020 | Updated 22:27 IST
ICICI Bank to reward 80,000 employees with salary hike for working during coronavirus crisis
ICICI Bank

ICICI Bank plans to reward more than 80,000 of its employees for giving services during the coronavirus pandemic. The country's largest private sector bank has decided to give a salary hike of up to 8 per cent to more than 80,000 of its frontline staff, news agency PTI reported citing unidentified sources. It amounts to over 80 per cent of its total workforce. The hike is for FY21 and applicable from July onwards, it reported. The development comes at a time when companies are slashing employee salaries to contain costs amid coronavirus crisis.

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.

Different banks including ICICI Bank had worked for limited hours daily with limited staff throughout the coronavirus period.

Meanwhile, India's coronavirus case tally crossed 7 lakh mark on Tuesday. In the last 24-hour period, the country reported  22,252 new cases and 467 deaths. With this, the total positive cases stand at 7,19,665, including 2,59,557 active cases, 4,39,948 cured or discharged or migrated patients, and 20,160 deaths, according to the data by the Ministry of Health.

Yesterday, India became the third worst-affected country from coronavirus after the US and Brazil. According to John Hopkins University and Medicine, the US COVID-19 tally stands at 229,35,712 and Brazil's at 16,23, 284.

For the last two months, India has witnessed an exponential rise in coronavirus cases. Since June 2, more than 5 lakh people have been found COVID-19 positive in the country. In fact, in the first week of July, India has reported more than 2 lakh coronavirus cases.

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Also read: Govt removes face masks, hand sanitisers from essential commodities list

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