By Onome Amuge.
The board of directors, United Bank for Africa (UBA) Plc, have announced the implementation of a cost of living adjustment for its staff effective immediately to prioritise the staff welfare and their families to alleviate the current economic realities and its impact on living conditions.
The bank, in a statement, 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.
“It is interesting to note that even when the bank 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.
Also 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,” the bank stated.
Oliver Alawuba, UBA’s group managing director/chief executive officer, who made the announcement, said the management is aware of the impact of recent economic policy pronouncements on prices and its effects on staff capacity to meet their 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 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.
The GMD explained that the 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 also appreciated the staff for their effort and dedication, which according to him, remains the bedrock of the bank’s success,noting that the bank recognises the critical role played by its workforce in navigating challenges and ensuring the continued growth of the institution.
Alawuba explained that by enhancing staff welfare, the bank aims to boost employee morale and foster a conducive and rewarding work environment that empowers employees to thrive both personally and professionally.
