ICICI Bank employees have a reason to cheer
by 8, March, 2010 0 |
The year 2010 has brought a smile on the face of the ICICI bank employees as the bank is likely to offer bonuses to most of its 36,000 employees for the period 2009-10 by April.
The bank had not offered bonuses in 2008-09 due to the worldwide financial crisis. In this year, it is for the first time in the history of the bank, it saw a reduction in its annual profits.
The bonus payments at ICICI Bank are normally about 10-15% of an employee’s salary, which can be more if the employee is very good performers. They are also awarded stock options. Normally, ICICI Bank declares its yearly promotions and bonuses at the end of April each year.
During the year 2008-09, the bank’s net profit reduced to 10% year-on-year to Rs. 3,758 crore. This made the bank stop its annual promotions and bonuses to employees and directors.
But in the 2nd quarter of the current fiscal of 2009-10, the bank’s net profit was reported to be Rs. 1,040 crore, an increase of 2.56% as against its profit in the same period in the previous year. With the improvement of the economic conditions, the bank’s management anticipates it will reach its financial goals, thus enabling it to reward its employees.
ICICI Bank executive director K Ramkumar, in charge of HRD said, “We have a board approved bonus policy, where we have to meet targets to get bonus. Last year, bonuses were not given because we didn’t meet our targets. However, this year, there is no reason to worry. We believe we are doing well.”
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