MTN increases staff salaries by 17%
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.
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.