Africa’s Global Bank, United Bank for Africa (UBA) Plc, has reaffirmed its commitment to prioritise the welfare of its staff and their families reflecting the current economic realities and its impact on living conditions.
To this end, the bank’s Board of Directors have announced
the implementation of a cost of living adjustment for its staff effective
immediately
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.
It is interesting to note that even when the bank had
previously implemented a 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.
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.
United Bank for Africa is one of the largest employers in
the financial sector on the African continent, with 25,000 employees group-wide
and serving over 35 million customers globally.
Operating in 20 African countries and in the United Kingdom,
the United States of America, France and the United Arab Emirates, UBA provides
retail, commercial and institutional banking services, leading financial
inclusion and implementing cutting-edge technology.
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