Axis Bank, currently the third largest private bank in the country, has decided to raise the wages of its 76,000 workers. Not only this, the bank is also giving them a bonus. Axis Bank, which plunged into crisis in the same year, is now recovering and offering bonuses to its employees.
During the economic crisis caused by the spread of the corona virus, many companies laid off their employees. As well as reduced wages. While some companies may decide not to give any increase to continue their business, only one company is preparing to give their employees wages Dussehra gifts. In fact millions of people lost their jobs during the corona crisis. At the same time, the employment of millions of people in the country has come to a standstill. But Axis Bank, currently the third largest private bank in the country, has decided to raise the wages of its 76,000 workers. Not only this, the bank is also giving them a bonus. Axis Bank, which plunged into crisis the same year, is now recovering and offering bonuses to employees.
The pay rise came into effect from October 1
Axis Bank Ltd is raising the salaries of its employees by 4 to 12 per cent based on performance. Increase This decision will take effect from October 1, 2020. Earlier, in April 2020, HDFC Bank Ltd, the largest private lender in the country, offered a pay rise to its employees. Apart from this the bank also gave bonus to the employees. At the same time, ICICI Bank Ltd. (ICICI Bank Ltd.) gave bonuses and increments to 80 per cent of its 100,000 employees.
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Up to 15% cut for Kotak Mahindra employees
Amid the global economic crisis, many private banks have decided to cut wages. In this series, Kotak Mahindra Bank Ltd., the fourth largest bank in the country, has decided to reduce the salaries of officers earning more than Rs 25 lakh per annum by 10 per cent. At the same time the senior management salary was reduced by 15 per cent.
S&P downgraded Axis Bank rating
Rating agency S&P Global Ratings downgraded Axis Bank’s credit rating in June. The agency expressed concern that the quality and profitability of the bank’s assets would be affected due to the global pandemic. The Reserve Bank of India (RBI) has projected a CAR (CAR) decline of 11.8 per cent for banks, up from 14.6 per cent in March 2019. Following this, Axis Bank, Kotak Mahindra Bank and ICICI Bank raised $ 9 billion from the equity market.
