ICICI Bank to give up to 8% pay hike to 80,000 employees for work during COVID-19

According to a PTI report, the hike of up to 8% is for fiscal year 2020-21 and will come into force from July onwards.
ICICI Bank to give up to 8% pay hike to 80,000 employees for work during COVID-19
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ICICI Bank is rewarding over 80,000 of its frontline employees with a salary increment of up to 8%, sources have told PTI. 

They form over 80% of the workforce and the Bank has taken this decision in appreciation of their work during the COVID-19 pandemic. 

Sources said that the hike of up to 8% is for the fiscal year 2020-21 will come into force from July onwards. 

However, the Bank is yet to confirm the development. 

According to sources, the employees who will be rewarded belong to M1 and grades below, who are the frontline staff mainly in customer-facing roles. The carry out day-to-day branch functioning and look after other operations of the bank. 

This comes at a time when many organisations have been forced to cut salaries as a result of losses incurred due to the pandemic. 

ICICI Bank had registered a 26% increase in its March quarter net earnings at Rs 1,221 crore. 

Meanwhile, the Board of Directors of ICICI Bank will meet on Wednesday, July 8 to consider raising funds through equity shares or equity-linked securities.

The board will discuss and consider the proposal of raising funds by "issue of equity shares and/or other equity linked securities, through permissible mode(s) including but not limited to a private placement, preferential issue, qualified institutions placement, further public offer, etc., or any combination thereof", the bank said in a regulatory filing on Sunday.

The board's decision will be subject to shareholders' approval and other regulatory approvals.

The filing noted that while announcing its results for the quarter ended March 31, 2020 on May 9, the bank had stated that it would look at further strengthening the balance sheet as opportunities arise.

With IANS inputs

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