The moves come even as the pandemic has forced the domestic and global banking sector to cut jobs and slash salaries
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.
Frequently Asked Questions
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.
There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.
Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.
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.