Five more banks opt against imposing pay cuts

Five more banks have decided against reducing the salaries of employees in the wake of the coronavirus pandemic despite the Bangladesh Association of Banks recommending pay cuts.

The banks are Prime Bank, Dutch-Bangla Bank, BRAC Bank, Bank Asia and Mutual Trust Bank.

Eastern Bank and NCC Bank are also likely to follow suit.

Islami Bank, the largest bank in the private sector, however, is yet to reach a decision regarding salary reductions.

The recent announcements by Exim Bank, City Bank and AB Bank to cut employee salaries have sparked anger and concerns among the officials of other private banks.

City Bank slashed the salaries and allowances of its officials and other employees by 16 percent. The move will be in effect from Jun 1 to Dec 31, 2021.

Export Import Bank of Bangladesh or EXIM Bank reduced the salaries of its employees by 15 percent following the same timeframe as City Bank.

AB Bank, on the other hand, implemented a pay cut of 5 percent for May and June. It was yet to decide whether salaries would be cut in the following months.

However, bankers breathed a sigh of relief after UCB and SBAC banks on Thursday announced they would not reduce the salaries of their officials.