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Last Updated : Oct 06, 2020 12:51 PM IST | Source: Moneycontrol.com

Axis Bank offers 4-12% pay hikes to employees despite COVID-19 situation: Report

The moves come even as the pandemic has forced the domestic and global banking sector to cut jobs and slash salaries

Representative Image (Image Courtesy: Pixabay.com)
Representative Image (Image Courtesy: Pixabay.com)

Axis Bank has joined other Indian private lenders in offering pay hikes to staff despite the COVID-19 pandemic threatening profit.

The 4-12 percent pay hike will be applicable from October 1, based on performance, sources told Bloomberg. India’s third largest private lender also paid all its 76,000 staff bonuses, they added.

Moneycontrol could not independently verify the report.


Apart from Axis Bank, India’s largest lender HDFC Bank hiked staff salaries and paid bonuses in April, other sources told the publisher. And second-largest lender ICICI Bank gave 80 percent of its 100,000 employees bonus and pay hike from July, different sources said.

COVID-19 Vaccine

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A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

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The moves come even as the pandemic has forced the domestic and global banking sector to cut jobs and slash salaries.

Despite lowered credit ratings, ICICI Bank, Axis Bank and Kotak Mahindra Bank raised $9 billion from equity markets, which has given them financial leeway in coping with bad loans and credit crunch.

Axis Bank, HDFC Bank and ICICI Bank did not respond to queries, as per the report.
First Published on Oct 6, 2020 12:51 pm