Again, UBA approves pay rise for workers

The United Bank for Africa (UBA) has approved pay rise for its workers to cushion the high cost of living being experienced in the country.

This is the second pay rise in 90 days and the implementation of the cost of living adjustment for its staff takes immediate effect.

Oliver Alawuba, UBA’s group managing director/chief executive officer, 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,” he said.

Alawuba said the decision to adjust the staff’s remuneration package was a demonstration of the bank’s commitment to maintaining the standard of living for its employees at a level that is commensurate with prevailing economic conditions.

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“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 said.

He appreciated the staff for their effort, 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,” he said.

“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,” he added.

UBA reaffirmed its commitment to prioritise the welfare of its staff and their families reflecting the current economic realities and its impact on living conditions.

The bank 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.