NEWS | ENTERTAINMENTS | COMEDY VIDEOS | GOSPEL MUSICS | SPORTS |9JAMAYER TIPS

 PROMOTE MUSICS |  ADVERTISE


« | »

MTN Increases Staff Salaries By 17%

Published by on April 7th, 2021.





Nigeria’s largest mobile operator, MTN, increased the salaries of its staff in 2020 by about N4.5 billion according to findings by Nairametrics Research.
The telecom firm reported a total increase in its salaries and wages from about N25.79 billion in 2019 to about N30.2 billion in 2020, representing about 17% bump. On average, MTN paid N16.4 million per staff per annum in 2020 compared to N13.79 million per staff in 2019 representing an 18.9% increase. This is also because its headcount dropped by about 26 people.
A deep dive into its annual reports also reveals the salary increase was across the board for the year under review. Based on the increase, the least amount a staff earns is N3.5 million per annum from N2.5 million a year earlier.

Analysis of salary increases
• About 141 staff saw their salaries increase to above N3.5 million per annum in 2020.
• Another 260 staff were bumped to a salary scale of between above N7.5 and N8.5 million.
• Finally, another 158 employees were moved to a salary scale of above N12.5 million per annum, its highest pay bracket.

• In summary, a total of 599 employees received various levels of salary increases during the year.
Executive Directors of MTN also reported a pay raise from N586 million per annum in 2019 to N732 million in 2020. This is attributed to the appointment of Modupe Kadiri as Executive Director in March 2020.
Why this matters
The year 2020 was a peculiar year mostly due to the negative effects of Covid-19 which ravaged the finances of most corporations in Nigeria. At the height of the pandemic, some Nigerian companies resorted to downsizing and reduction of overheads as a strategy to maintain financial solvency. However, MTN’s salary increase is a huge departure from the norm.

• MTN reported a 15% increase in revenue (to N1.3 trillion) as Nigerians gobbled up data due to Covid-19 stay-at-home restrictions by the government and most private-sector corporations.
• MTN share price is down 6% year to date.

Source:- Nairamtrics

TRENDING SONGS

Song ‘Tiwa Savage Shares Hot New Photos’ Song 11 Clear Signs She Is In Love With You Song DOWNLOAD MUSIC ALBUM: Ayra Starr – 19 And Dangerous Song DOWNLOAD MUSIC ALBUM: Rudeboy – Rudykillus Song DOWNLOAD MUSIC MP3: Cheque – History ft Fireboy DML Song Tokyo2020: Marcell Jacobs Wins 100m Final, Thompson-Herah Sets New Record. Song THREE Americans Dead, As Plane Crashes Into House In Ukraine Song Zicsaloma Surprises His Mother With Car Gift (See Photo) Song DOWNLOAD VIDEO: Omah Lay – Understand Song “Shame, Foreign Medical Trips Portray Buhari as Colossal Failure” – HURIWA Replies Femi Adesina

 CLICK TO DROP YOUR COMMENT

Share this post with your friends on



0 Responses

Leave a Reply

NOTE:- Make your comment a bit long to get it approved.



Go Back To The Top

« | »


Looking for something? Search below