Union Bank of Nigeria, acquired by Titan Trust Bank in 2022, has announced a 40% salary increase for its staff, aimed at helping over 2,000 employees cope with the increasing cost of living.
The salary adjustment, which took effect on November 1, 2024, will be reflected in December’s paycheck, along with arrears for November.
The salary hike applies to all staff members, including executive trainees, general managers, and outsourced associates. Executive trainees, previously earning ₦260,000 ($153) per month, will now receive ₦364,000 ($215). At the same time, senior banking officers (SBOs) will see their annual gross salary rise to ₦20 million ($11,792), according to sources familiar with the bank’s pay structure.
This marks the third salary increase Union Bank has implemented since its acquisition by Titan Trust Bank.
The salary adjustment aligns with a broader trend among Nigerian commercial banks responding to the country’s challenging macroeconomic conditions.
In September 2024, GTBank, a tier-1 bank known for its cost-efficiency, also raised salaries by 40%, while Sterling Bank introduced a cost-of-living adjustment stipend for its employees in August.
The measures are seen as necessary to maintain competitive salaries amid the naira’s devaluation and soaring inflation, both of which have exacerbated the country’s cost-of-living crisis and placed additional strain on consumer spending.
Union Bank, in its internal memo, stated that the salary increase underscores its commitment to investing in its employees and aligning with industry standards.
The bank’s personnel expenses for 2023 amounted to ₦34 billion, a 27% increase from the previous year, and with the new pay rise, Union Bank is projected to spend ₦47.6 billion on salaries in the coming year.
