In response to the current economic realities and its impact on living conditions, while reaffirming its commitment to the welfare of its staff and their families, the board of United Bank for Africa Plc, has approved the immediate implementation of a cost of living adjustment for its staff.
A statement by the bank said it has closely monitored the effect of the rising cost of living on its employees over the past few months, and recognises the importance of addressing these challenges proactively.
The bank recalled that a cost of living adjustment was implemented only recently on April 1, 2023, after a previous one on October 1, 2021, adding that 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.
Reacting, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who made the announcement, stressed that “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 stressed.
He also appreciated 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.