City Bank approves salary increment of Tk162 crore for 2024

Business Report :

City Bank has announced a salary restructuring initiative to align with market standards and ensure employee well-being amidst rising inflation.
The Board of Directors has approved an annual salary increment of Tk162 crore for 2024, which will culminate in a total increase of Tk300 crore by the end of 2025, including PMP adjustments and bonuses, according to City Bank sources.
This move will increase the bank’s total salary expenditure to Tk1,210 crore annually by next year, according to the bank’s estimate.
The initiative follows an in-depth salary survey conducted by Cerebrus Consultants Ltd., comparing City Bank’s compensation packages with those of peer banks.
The restructuring has been designed to bring salaries closer to market averages while prioritising fairness.
Employees whose current salaries are significantly below market standards will receive higher percentage increases, while those closer to market averages will receive comparatively smaller increments.
“The restructuring is designed to bring salaries closer to market averages while maintaining fairness. Employees whose current salaries are significantly below market standards will receive higher percentage increases, while those closer to market averages will see comparatively smaller increments,” said the bank.
From Assistant Officer to Senior Executive Vice President levels, the salary increments range from 10% to 50%, with an average increase of around 23%.
Regardless of current salary levels, a minimum increment of Tk10,000 has been ensured for all employees, while the maximum increase in some cases has reached Tk 60,000.
All support staff, outsourced staff, contractual employees, and management trainees are also receiving these raises.
The new salary structure will take effect on 1 November 2024, with employees receiving the updated amounts in their December payroll, including arrears for November.
“Our employees are the backbone of City Bank,” said Aziz Al Kaiser, chairman of City Bank. “By aligning compensation with market standards, we aim to create a workplace where everyone thrives.”

City Bank’s MD & CEO Mashrur Arefin stated, “The bank’s profit has increased manifold during my six-year tenure as CEO. Operating profit, which stood at Tk699 crore, is now even surpassing the Tk2,000 crore mark this year. It is our moral obligation to ensure our staff can lead comfortable lives with their families during these challenging times.”
This bold initiative underscores City Bank’s vision to foster a sustainable, employee-centric environment, solidifying its reputation as a leading employer in the banking sector.