United Bank for Africa (UBA) Plc has announced the implementation of a cost-of-living adjustment for its staff effective immediately.
The bank said the adjustment reaffirms its commitment to prioritising the welfare of its staff and their families reflecting the current economic realities and its impact on living conditions.
It said that over the past few months, it has been closely monitoring the effect of the rising cost of living on its employees and recognises the importance of addressing these challenges proactively.
The bank had previously implemented cost-of-living adjustment for staff on October 1, 2021 and more recently on April 1, 2023. In March 2023, it announced the promotion of over 1,500 staff across Africa, and had also elevated close to 1,000 staff in 2022.
It noted, however, that the persistent economic challenges faced by employees and the broader society as a whole, informed the unanimous decision to again implement another adjustment.
Speaking on the latest adjustment, UBA’s group managing director/chief executive officer Oliver Alawuba, who made the announcement, said: “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. 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.
He took time out to appreciate the staff for their effort and dedication and hard work of its employees, which remains the bedrock of its success, as he noted that the bank recognises the critical role played by its workforce in navigating challenges and ensuring the continued growth of the institution.
“My profound appreciation to you for your commitment to our corporate goals and adherence to our core values, as demonstrated in our remarkable half-year 2023 results. By enhancing staff welfare, we aim to boost employee morale and foster a conducive and rewarding work environment that empowers employees to thrive both personally and professionally,” the GMD added.