UBA revises pay after 170% increase in salaries, benefits of workers

Amid the current economic situation which is taking a toll on living standards, United Bank for Africa Plc has reaffirmed its commitment to placing the wellbeing of its employees and their families as a top priority.

Legit.ng earlier reported that GTBank, Zenith, Stanbic IBTC and other Nigerian banks announce salary increases to reduce the biting effect of inflation caused primarily by the removal of subsidies from petrol.

Similarly, Wema bank announced an increase in staff compensation to soften the impact of the harsh economic reality brought on by the elimination of fuel subsidy.

UBA’s board of directors announced the introduction of a cost-of-living adjustment for its personnel, starting immediately, according to a statement.

The document revealed that the bank had previously adopted a cost of living adjustment for workers on October 1, 2021, and more recently on April 1, 2023.

This follows the announcement by the bank in 2020 that it will improve the salaries of over 5,000 employees as part of a planned restructuring that began in the final quarter of 2019.

The bank reported that those who benefited from the exercise would get up to a 170% boost in their pay and perks and that a significant proportion had been promoted.

Cost of living increases

The bank claimed that over the last few months, it has carefully watched the impact of the rising cost of living on its employees and understood the necessity of taking prompt action to address these difficulties according to Punch.

It stated that the consensus decision to again execute another adjustment was influenced by the ongoing economic difficulties experienced by employees and the larger society.

It stated: Furthermore, in line with its commitment to promote staff for excellent performance every year, UBA had in March 2023, announced the promotion of over 1,500 staff across Africa, and had also elevated close to 1,000 staff in 2022

Staffs wellbeing is a major concern

UBA's Group Managing Director and Chief Executive Officer, Oliver Alawuba said the bank is aware of how recent economic policy announcements have impacted prices and people's capacity to meet their personal and family financial commitments.

He said that UBA places a high priority on the welfare of its employees and that the Board of UBA Plc has approved a welfare allowance for all workers.

According to Alawuba, the choice to modify the staff's compensation package exemplified UBA's unshakable dedication to upholding its employees' living standards at a level that is reasonable given the current state of the economy.

He clarified that the action will help our employees and their families lessen their financial responsibilities, enhancing the bank's reputation as a responsible and considerate employer.