Banks sack over 1,949 full time staff, go for contract workers, as salaries, costs jump to four-year high

The National Bureau of Statistics (NBS) has revealed that commercial banks in Nigeria recorded salaries and employee expenses of over N602 billion in the 12 months of 2021.

NBS stated this in its selected banking sector data report released on its website on Tuesday.

According to the report, the amount spent on staff salaries in 2021 was 14.57 per cent increase when compared to N525.5 billion recorded in 2020.

Ripples Nigeria analysis also showed that banks’ 2021 staff salaries expenses are the highest since 2018.

Breakdowns show N516.74 billion was spent in 2018, N597.94 billion in 2019 and N525.58 billion in 2020.

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In the year under review, a total of 1,949 banking staff lost their jobs as staff strength dropped from 92,404 in the first quarter to 90,455 by year-end.

Analysis shows that most staff that lost their jobs were full-time workers as the banks decided to employ contract staff.

In Q1 2021, there were 197 Executive Staff, 16,750 Senior Staff, 36,594 Junior Staff and 38,863 contract staff to bring the total number of staff in commercial banks to 92,404.

Interestingly by year-end, the figures were 200 Executive Staff, 16,390 Senior Staff, 35,193 Junior Staff and 35,193 contract staff.

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