UBA Increases Workers’ Pay, Second in Three Months

31 Jul UBA Increases Workers’ Pay, Second in Three Months

United Bank for Africa (UBA) has announced an increase in the workers’ pay, the second in three months this year.

In a statement on Friday, UBA said its board of directors had announced the implementation of a cost of living adjustment for its staff effective immediately.

UBA said although it had previously implemented cost of living adjustment for staff on October 1, 2021 and more recently on April 1, 2023, the persistent economic challenges faced by employees and the broader society as a whole informed the unanimous decision to again implement another adjustment.

“We are aware of the impact of recent economic policy pronouncements on prices and your capacity to meet your financial commitments to family and personal needs,” Oliver Alawuba, the bank’s chief executive officer, said.

“As an organisation focused on the well-being of our people, I am pleased to inform you that the Board of UBA Plc has approved a Welfare Allowance for all employees.”

Alawuba explained that the decision to adjust the staff’s remuneration package once again demonstrates UBA’s unwavering commitment to maintaining the standard of living for its employees at a level that is commensurate with prevailing economic conditions.

“This move will serve to alleviate the financial burdens faced by our staff and their families, reinforcing the bank’s position as a responsible and caring employer,” he explained.