United Arab Emirates-based Emirates NBD is giving a pay hike to employees to help them deal with soaring inflation, Reuters reported citing unnamed sources.
The raise will vary according to the position of the employees and is part of a mid-cycle pay adjustment for rising costs, the sources said.
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The majority of the bank’s employees received a wage hike between 5% and 8%.
The lower-paid employees received the highest compensation and top executive received smaller or no pay hikes, the sources added.
The government-backed lender did not comment on the news saying that it did not comment of employee-related matters.
In an emailed response to the news agency, a spokesperson added: “As a people-first organisation and a leading employer, Emirates NBD has remained committed to initiatives and policies that support staff wellbeing, while adopting a robust employee recognition program.”
It was not immediately known if the pay raise was for Emirates NBD’s staff in the UAE only. The bank also has operations in Egypt, India, Turkey, the UK, and Singapore, among others.
According to the UAE central bank, annual inflation in the country reached 3.4% in the first quarter and the banking regulator estimates that inflation will touch the 5.6% mark this year.
As of 31 March 2022, the bank, which is said to have a significant retail banking business in the UAE, had around $183bn in assets.
Meanwhile, major retail banks in the UK including HSBC, NatWest, Barclays, Santander UKLloyd’s Banking Group, TSB and Virgin Money have announced similar measures.
