National Bank of Ethiopia adjusts the salaries of its employees by an average of 140Pct, Addis Maleda, sister publication of EBR, reported. The Bank, in a letter circulated last week, announced that it has made a salary adjustment ranging from 50Pct to 230Pct to all of its employees.
No salary adjustment has been made by the Bank for long period of time. The latest revision is targeted at improving staff retention rate and reduce turnover, according to sources. This will make the Bank one of the highest paying institutions in the financial industry.
While a higher salary adjustment is made to lower-level employees, the reverse is applied to top executives and directors, the Bank said. Additionally, the Bank also adjusted benefits provided to its employees. The current inflationary pressure is also taken into consideration during the revision of the salaries and benefits of the Bank’s employees.