Amid ongoing inflation in the country, private sector bank The City Bank has initiated a restructuring of its salary structure to align with current market standards, ensuring fairness and support for employees’ well-being.
The bank’s Board of Directors has approved an annual increment budget of BDT 162 crore for 2024, which, including PMP adjustments and bonuses, will total BDT 300 crore by the end of 2025. According to the bank’s estimates, this move will increase its total annual salary expenditure to BDT 1,210 crore by next year.
The decision follows a salary survey conducted by Cerebras Consultants Limited, which compared The City Bank’s compensation package with those of BRAC Bank, EBL, MTB, Prime Bank, and Dhaka Bank. Based on the findings, the bank aims to adjust salaries equitably. Employees whose pay is significantly below the market average will receive higher increments, while those closer to the market average will receive relatively lower adjustments.
Key Details of the Salary Restructuring:
Grades AO to SEO: Increment will range between 10% and 50%, with an average of 28%.
Grades AVP to SVP: Performance-based increments:
AVP to VP: 5% to 35%, average 18%.
FVP to SVP: 3% to 25%, average 13%.
Minimum Increment: All employees will receive a minimum of BDT 10,000, regardless of current salary.
Support and Outsourced Staff: Support staff will receive either a 10% increment or BDT 5,000, whichever is higher. Outsourced employees will get a monthly increment of BDT 5,000.
The revised salary structure will take effect on November 1, 2024, with employees receiving the updated pay, including arrears, in December.
Aziz Al Kaiser, Chairman of The City Bank, emphasized, “Our employees are the backbone of City Bank. The revised salary structure aligns with market standards because we want to create a workplace where everyone can thrive.”
Mashrur Arefin, Managing Director and CEO, added, “We believe a motivated workforce will deliver better services to our customers and yield improved results for our shareholders.”
Source: The Business Standard
