This is the third salary increase implemented by Union Bank since 2022. The move is part of a broader trend among Nigerian commercial banks responding to the country’s macroeconomic challenges.
Lagos, Nigeria – Union Bank of Nigeria has increased staff salaries by 40% to help its over 2,000 employees cope with the rising cost of living in Nigeria. The salary increase, which took effect on November 1, 2024, applies to all employees, ranging from executive trainees to general managers, and outsourced associates.
According to sources, executive trainees will see their monthly salary increase from ₦260,000 to ₦364,000, while senior banking officers will receive an annual gross salary of ₦20 million.
This is the third salary increase implemented by Union Bank since 2022. The move is part of a broader trend among Nigerian commercial banks responding to the country’s macroeconomic challenges.
Other banks, such as GTBank and Sterling Bank, have also taken steps to adjust staff salaries in recent months. GTBank raised staff salaries by 40% in September 2024, while Sterling Bank began paying employees a cost of living adjustment stipend in August 2024.
The salary increases are aimed at keeping salaries competitive amid a cost of living crisis triggered by naira devaluation and soaring inflation. Union Bank’s commitment to investing in its employees and aligning with industry standards is reflected in the recent adjustments to its compensation and benefits package.
The bank spent ₦34 billion on personnel expenses in 2023, a 27% jump from the previous year. The 40% salary increase is expected to result in a significant increase in personnel expenses, with the bank projected to spend ₦47.6 billion in the coming year.
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