Members of staff of popular financial institution, LAPO Micro Finance Bank (MFB) have kicked against the bank management’s move to increase staff salaries by only 25% and 12.5% after 7 years of alleged stagnant pay.
News making the rounds reveals that the last time LAPO MFB’s staff‘s salaries were reviewed was in 2016, and their staff don’t allegedly get the annual (step) increment other organisations/institutions enjoy. “Our salaries have been stagnant since 2016″ after they reviewed it upwards by 15%. The management only reviews staff salaries as at will. It can take 10 or 7 years which is not supposed to be so.” A staff who pleaded anonymity told Newsmen.
According to reports, as at 2016, before the 15% review, graduate (BSC/HND) staff (CSOs) earned a net salary of seventy five thousand, seven hundred and fifty naira, eighty six kobo (N75,750.86K), and after the review, their net pay became ninety eight thousand, three hundred and fifty six naira, forty one kobo (N98,356.41K). While Branch Managers (BM) get same salary, but an extra eight thousand naira (N8,000) as duty allowances.
It was gathered that after seven years of stagnant pay, the bank management decided to increase staff salaries by 25% for Junior staff (Graduate CSO, BM, Auditors and AM) and 12.5% for senior staff (Zonal managers – ZM).
“We have had stagnant salaries for years with no one being able to complain. If you do, they will threaten to transfer you to another state, far away from your family. After we were able to complain, they decided to increase it by 25% for Junior staff and 12.5% for senior staff” another staff whispered to news men.
The staff continued, “We have told them that due to the current economic situation in the country, a 25% increase after 7 years wouldn’t make sense. A graduate working for over 10 years and up till now, my net pay is not up to 100K. I can not complain or renegotiate my pay, they only decide on when to review it, which isn’t a standard practice anywhere.”
Find the message sent by the bank management to their staff informing them about the increase below;
“We have begged them to at least review CSO salaries to 135K, BMs to 160K and so on, but they refused. Over the years, everything have increased exponentially and become more expensive; transportation, food, school fees, house rent etc. But our salaries have been stagnant or move like snail” another staff who pleaded anonymity cried out.
“Also, they have refused to pay us institutional bonus since 2020. They claim that CBN has not updated their financial records. We work hard for these people. We trek looking for customers and clients, but they treat us like rags and pay us peanuts. They will disengage staff without query or warning letter , suspension letter, they will just disengage staff like that, which is not the standard anywhere” another staff added.
That’s very Poor taking into consideration that they operate in the Financial Services Sector.