The United Bank for Africa (UBA) Plc, Africa’s global bank, has reaffirmed its dedication to the well-being of its staff and their families amid the current economic challenges impacting living conditions which is occasioned by the removal of fuel subsidy.
In response to this rising cost of living, the bank’s Board of Directors has taken decisive action by implementing a cost of living adjustment for its employees, effective immediately.
This marks the third time in three years that the bank has raised the salaries of its staff, underscoring its commitment to recognizing and valuing the contributions of its employees.
Additionally, in line with its commitment to rewarding excellence, UBA announced the promotion of over 1,500 staff across Africa in March 2023, building on the elevation of close to 1,000 staff in the previous year.
Oliver Alawuba, UBA’s Group Managing Director/Chief Executive Officer, stated, “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 organization 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.”
This decision by UBA to adjust staff remuneration once again reflects the bank’s unwavering commitment to maintaining a standard of living for its employees that is in line with prevailing economic conditions.
By prioritizing staff welfare, UBA aims to support its workforce in navigating the challenges posed by the changing economic landscape.
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.
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.
