The country's second largest private sector lender ICICI Bank has decided to reward over 80,000 of its frontline employees with a salary hike of up to 8 percent, sources said on July 7.
These employees form over 80 percent of its overall workforce and the decision has been taken in recognition of the services rendered during the COVID-19 pandemic, the sources told PTI.
The hike of up to 8 percent is for the fiscal year 2020-21 and applicable from July onwards, the sources said.
An e-mail sent to the bank did not elicit any response.
The sources said these employees are from M1 and grades below, who are frontline staff mostly in customer-facing roles. They ensure the functioning of branches and other operations of the bank.
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.
It can be noted that the development comes at a time when a slew of organisations have been forced to stall salary hikes or even cut salaries as they seek to get some control over costs.
Reducing costs has become imperative because of the economic impact of the COVID-19 pandemic, which has resulted in lockdowns across the country since late-March and has disrupted economic activities.ICICI Bank had reported a 26 percent surge in its March quarter net at Rs 1,221 crore on a standalone basis.