UBA Revises Pay, Increases Salaries, Benefits for Workers by 170 Per Cent
- United Bank for Africa Plc has effected an upward review of the salaries and benefits of its staff
- The recent increase by UBA follows earlier upgrades by the bank in 2021 and 2023
- It is expected that the move by the bank will help lessen the financial burden brought about by the removal of fuel subsidy
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Amid the current economic situation, which is taking a toll on living standards, the United Bank for Africa Plc (UBA) has reaffirmed its commitment to placing the well-being of its employees and their families as a top priority.
Legit.ng earlier reported that GTBank, Zenith, Stanbic IBTC and other Nigerian banks announced salary increases to reduce the biting effect of inflation caused primarily by the removal of the subsidy on petrol.
Similarly, Wema Bank announced an increase in staff compensation to soften the impact of the harsh economic reality brought on by eliminating the fuel subsidy.
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In the same vein, UBA’s board of directors announced the introduction of a cost-of-living adjustment for its personnel, starting immediately, according to a statement.
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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 a significant proportion had been promoted.
Increased cost of living
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 execute another adjustment again 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
Staff well-being is a major concern - UBA
UBA's group managing director and chief executive officer, Oliver Alawuba, said the bank knows how recent economic policy announcements have impacted prices and people's capacity to meet 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 reasonable level, 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.
Top Nigerian banks with highest earnings from PoS, USSD, others in Q1 2023
In related news, Legit.ng reported that Nigerian banks continued to use technology in the first quarter of 2023, earning N96.483 billion from their electronic businesses.
The earnings represent a 23.84% spike from the N77.907 billion earned in the previous quarter of 2023.
The two highest earners from electronic business income were UBA and Access Holdings.
Source: Legit.ng
