Mumbai, October 6: Amid the coronavirus pandemic and in the middle of news of job losses, Axis Bank, which is India’s third-largest private lender will increase staff salaries between 4 percent and 12 percent from October 1 based on performance, according to a Bloomberg report. The bank has reportedly also paid bonuses to its employees.
Axis Bank thus joins the list of other top private banks who have also boosted the salaries of their employees. HDFC Bank increased salaries in April based on performance and also paid bonuses. ICICI Bank Ltd, the second-biggest privately-held lender, gave about 80 percent of its 100,000 employees a bonus and pay rise from July, according to reports. Asian Paints Gives Salary Hike to Its Employees Amid Coronavirus Lockdown, No Lay-Offs.
The pay rises come as the coronavirus pandemic forces some local and global peers to cut jobs and pay. Many Indian lenders are seeking to save costs as the coronavirus is expected to push soured assets to a two-decade high.