Top banks saw their wage bill rise in the nine months to September in what could deepen a hiring freeze to protect profits.
The pay increment is linked to the talent war that has seen lenders raise pay for management and the sharp growth in the salaries of non-management staff following negotiations fronted the Bankers Insurance Finance Union (BIFU).
This saw Equity Bank’s staff cost increase 43.6 per cent to Sh5.8 billion in the year to September while StanChart’s rose 16.9 per cent to Sh3.31 billion and Co-operative Bank’s was up 17.3 per cent to Sh4.6 billion.
Read more on Kenyan Banks freeze jobs after double-digit wage rise…
