Polaris Bank Salary Structure: How Much Staff Earns (2023)
Polaris bank is one of the notable commercial banks in Nigeria. This bank was formerly known as Skye bank until it was eventually renamed few years ago. When considering the salary structure of Polaris bank workers, it’s much like what is obtained at other banks. The bank salary scale is structured according to the hierarchy of staff and workers — Graduate trainee, contract staff, entry level staff, and senior banking officers.
A look at the salary range of these group of workers, one can see it increases with respect to the office and title one occupies in the bank. There are much to know about how much Polaris Bank pays their staff on a monthly basis, as we shall be provide details on Polaris bank salary structure in Nigeria.
In the course of this write-up, you will know how much Polaris Bank pays their staff and workers. This will be made possible as we will give out the full salary structure of their staff level in a ascending order.
Overview of Polaris Bank
Formerly known as Skye Bank, Polaris Bank Limited is one of the most popular commercial banks in Nigeria that is registered by CBN. This bank was licensed by the Central Bank of Nigeria on the 24th of November 2018. Following their license, they were able to operate as a provider of financial services in the country. How the bank started could be traced to their history as they commenced in the year 1989.
During this time, the bank was called Prudent Bank Plc and they were incorporated as a limited liability company. Subsequently, the bank was renamed to merchant bank in 1990. Thebbl it was re-branded as Prudent Merchant Bank Limited. Further later in the year 2006, Prudent Merchant Bank Limited merged with Bond Bank Limited, EIB International Bank Plc, Reliance Bank Limited and Co-operative Bank Plc to form Skye Bank Plc. The conglomerate bank was acquired by Polaris Bank in November 2018, and since then they have been holding the name.
Polaris Bank Limited is a national bank that has been servicing a large number of customer base. As at now, the bank maintains over two hundred and sixty (260) branches in all parts of the country. They have their headquarters situated at 3, Akin Adesola Street, Victoria Island, Lagos, State, Nigeria. Moreover, Polaris Bank has its banking services rated not just by it customers, but also by some people who see the bank as a good brand in the country.
Polaris Bank Salary Structure: How Much They Pay Their Staff
The bank has a salary structure that is based on the level of the staff and workers. This means that the salary is given with respect to the rank of staff. It’s important to note that these salaries are subject to change with time. Nonetheless, here is a picture of the monthly salary payment of Polaris Bank employees in Nigeria:
Polaris Bank Graduate Trainee Workers Salary Structure
If you are puzzled on how much do Polaris Bank pay their new intake which are graduate trainee. This set of staff are trainees that work with the bank. Before they are integrated into the bank as full members of staff, they are required to undergo at least 4 – 6 months of training.
Graduate trainees at Polaris bank are paid monthly salaries in the range between ₦35,000 – ₦40,000, which is during the training process.
On the course of this programme, the trainees will go on a theoretical and practical training in order to get them acquainted with banking practices in the financial sector. Further as they approach the end of the programme, they are sent on a two-weeks compulsory attachment at various other Polaris Bank branches.
There they are given the final practice training where they are mentored on real life on-the-job involvements. Graduate trainees are finally confirmed for employment as full staff after the successful training.
Polaris Bank Contract Staff Salary Structure
This is the category of staff that are not fully employed, but only contracted to the bank. The bank employees at this level are not entitled to any promotion until they fulfil a number of years on the job before they are will undertake a promotional exams which will determine whether or not they will be made full staff members of this financial institution. This level is a good entry level to the bank.
The salary range of contract staff at Polaris Bank Limited ranges between ₦55,000 – ₦60,000. This is what they are paid monthly.
Polaris Bank Entry Level Salary Structure
The entry level is the first stage immediately after getting employment into Polaris Bank. These are mostly fresh graduates that has passed the graduate trainee level.
Polaris Bank entry level employees are paid a salary per month between the range of ₦100,000 – ₦110,000 and this is independent of allowances and bonuses. Though, it might differ slightly, you have to take of note that these entry salaries for fresh graduates are estimates and they may change with respect to the job description.
Polaris Bank Senior Banking Officers Salary Structure
How much money does Polaris Bank pay their top staff which are Senior Banking Officers? These are workers who are the top official of Polaris Bank Limited in any of their branch.
Basically, senior banking officers are those workers who are at the top of the hierarchical order of employees at the bank. Of course, they are the ones that should be earning the most in the bank.
The salaries per month for Polaris Bank Senior Banking Officers can start from ₦400,000 and go higher than this, depending on the position which any of these staff have attained during their stay with the bank.
As top official of the bank, that are given some add-ons to complement their salary. Keeping aside these monthly salaries, there are additionally allowances and bonuses that are paid to Polaris Bank workers. This pay is determined by the bank and with respect to their service. This makes it not be fixed as their monthly take home pay.
That’s it on the salary structure of Polaris Bank workers and staff. This article incorporated the salary range for all staff levels of the bank. The aforementioned figures is as yet dynamic and updated on the current salary scale of the commercial bank. We believe this was informative enough and should you ever want to know how much this bank gives their staff, then this will be a good comprehensive guide.