Zenith Bank raises staff salary by 20%

• Published On: 28 January 2025 at 19:33

Zenith Bank has announced a 20% compensation raise for its almost 10,000 workers, beginning in January 2025.

This move is part of a rising trend among Nigerian banks to enhance wages in order to retain top talent despite the country's continuous inflationary pressures.

The increase follows similar steps taken by GTCO, Union Bank, First Bank, and Sterling Bank in recent months.

Zenith Bank claimed that the compensation increases, ranging from 20% to 30%, are intended to motivate personnel and improve service delivery.

In addition, nearly 4,000 employees were promoted during the bank's largest promotion exercise to history, which took place on January 17, 2025.

Zenith Bank's wage modifications include large increases at various employee levels. Executive trainees will now earn ₦294,000 per month, up from ₦245,000 previously. Assistant banking officers' monthly salary will increase from ₦609,000 to ₦730,800. Banking executives would enjoy a wage increase from ₦800,000 to ₦960,000.

In September 2024, Zenith Bank's labour bill was ₦97.496 billion, or 22.86% of total expenses.

Zenith now has the second-lowest wage bill among Nigerian tier-1 banks, with GTBank spending the least.

This salary increase is part of a larger industry trend, as other major Nigerian banks, such as GTBank, Union Bank, and Sterling Bank, have also adjusted their pay structures to address economic challenges and reduce employee turnover, particularly as professionals seek better opportunities both within and outside the country.