TheCable

United Bank for Africa (UBA), has increased the salaries and allowances of its employees to help them cope with the rising cost of living.

In a statement on Friday, UBA said its board of directors have announced the implementation of a cost of living adjustment for its staff effective immediately.

UBA said although it 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.

“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,” Oliver Alawuba, the bank’s chief executive officer, said.

“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.

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,” he added.