City Bank will restructure its salary system from November 1 to align with market standards and support employees during high inflation.

Employees will receive updated salaries in December, along with arrears for November, the bank said in a press release.

The bank has approved a salary increment of Tk 162 crore for 2024, which will grow to Tk 300 crore by the end of 2025.

This will raise the bank's total annual salary expenditure to Tk 1,210 crore next year.

An in-depth survey by Cerebrus Consultants Ltd compared City Bank's pay structure with peer banks such as BRAC Bank, Eastern Bank and Standard Chartered Bangladesh.

Based on the findings, employees will receive salary increases ranging from 10 percent to 50 percent, with an average increase of 23 percent.

Those earning well below market standards will get higher raises, while others will see smaller increments.

All employees, including support staff, outsourced workers, and trainees, will benefit from the new structure.

The minimum salary increase is Tk 10,000, while the highest raise is Tk 60,000.

City Bank Chairman Aziz Al Kaiser said the initiative reflects the bank's commitment to its employees.

"Our employees are the backbone of City Bank. By aligning compensation with market standards, we aim to create a workplace where everyone thrives," he said.

Mashrur Arefin, managing director and CEO, said profits during his six-year tenure had grown significantly.

"The bank's profit, which was Tk 699 crore, is now surpassing Tk 2,000 crore this year. It is our moral obligation to ensure our staff can lead comfortable lives with their families," he added.

The move highlights City Bank's efforts to remain an attractive employer in Bangladesh's banking sector.