The City Bank, one of the first-generation private commercial banks, has announced an initiative to adjust employees' salaries in line with annual inflation, to ensure the support and well-being of its employees.
The bank's board of directors has approved an annual increment of Tk 162 crore for 2024; including PMP adjustments and bonuses, which will total Tk 300 crore by the end of 2025.
This move would significantly raise the bank's total payroll expenditure of Tk 1,210 crore annually by the end of next year.
The decision was taken based on the results of a salary survey conducted by Cerebrus Consultants Limited, comparing City Bank's compensation packages with BRAC Bank, EBL, MTBL, Prime Bank and Dhaka Bank.
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City Bank has taken the initiative to restructure its payscale on the basis of fairness, in line with the current market situation.
Employees whose salaries are significantly lower than the current market will receive higher increments under this move; And those whose salaries are close to the current market average will receive a relatively small increment, said a top official of the bank.