The salary structure has been put in place beginning the new fiscal year. Because of the new scale, which is based on restructured pay grades, pay has risen 20 to 140 per cent, according to Ethiopian Business Review’s source. Most workers rejoiced when they heard the news about the increase but some, after realizing how the adjustment was carried out, were not happy.
“Of course, seniors working in lower class branches can not be happy when they compare the increase of their salary with what juniors working in higher class branches received,” the source said.
Officials in the bank who noticed these feelings among some senior staff tried to treat the case by arranging series of meetings in branch offices to make the air clear.
According to the source, the meetings were effective. Right after the discussion, most discontented workers stopped moaning.
“Personally, I am happy. I do not care about what pay rise other people received. Whether it is big or small, I still secured a salary increase. I am satisfied,” one branch manager, Ethiopian Business Review approached, said.
AIB was established in 1995 by 486 founding share holders with a paid up capital of 24.2 million birr. Over the years, the bank’s share holders and paid up capital increased to over 3,000 and 910 million birr respectively in 2011/12. The bank’s gross profit also rose to 540 million birr.