NOVA Merchant Bank Limited has implemented a substantial 50% salary increase for its staff effective November 1, 2023.
The bank, which has received shareholders’ approval to transition to a commercial bank, announced this move in a statement on Sunday. The decision to enhance the salary structure across all staff categories is seen as a strategic step to demonstrate the bank’s commitment to its workforce.
The statement highlighted that the salary increase is a response to the impact of the escalating cost of living and challenging global economic conditions. NOVA Merchant Bank aims to address these challenges proactively, emphasizing its dedication to prioritizing employee welfare for their well-being and financial stability.
Source: PUNCH