BRAC Bank has increased the salaries of junior grade employees by up to 50 per cent with effect from January 1, 2022.

The salaries of the employees -- officer grade-1, officer grade-2, senior officer, principal officer and senior principal officer -- have been increased by up to 50 per cent of their basic, according to the bank.

This new competitive compensation package is expected to further motivate the bank's existing co-workers and also enable the Bank to attract more talent from the market, the bank said in a press release.

Out of 7,500 full-time employees (FTE), there are about 4,000 junior grade employees are currently working at the private bank, it said.

The bank is also planning to recruit more than 1,800 new resources in 2022 alone to expand its foothold across the country, it said.

The bank has also begun an initiative to convert different outsourced teams to FTE and 100 outsourced staff were absorbed earlier this month into FTE positions based on their performance and longstanding contribution.

More such conversions are expected in the remainder of the year.

BRAC Bank Managing Director and Chief Executive Officer Selim R F Hussain said, "BRAC Bank has achieved strong growth in the last few years and today, leads the local banking industry in many metrics."

"This success is entirely due to our talented and committed co-workers, who are the true drivers behind our success. As a values-based organization, the Bank always prioritizes people benefits and welfare activities."

"This new salary structure is aligned with our strategy to make the Bank an employer of choice for the youth of our country," he said.