Tunji Wusu –
United Bank for Africa (UBA) Plc, Africa’s Global Bank, has reaffirmed its commitment to prioritizing the welfare of its employees and their families in light of current economic realities and their impact on living conditions.
To that aim, the bank’s Board of Directors has announced the immediate introduction of a cost of living adjustment for its employees.
The bank stated that it has been closely monitoring the impact of growing living costs on its staff over the last few months and recognizes the necessity of tackling these concerns proactively.
It is worth noting that, despite the bank having previously implemented cost-of-living adjustments for employees on October 1, 2021 and, more recently, April 1, 2023, the ongoing economic challenges faced by employees and the broader society informed the unanimous decision to implement another adjustment.
In keeping with its commitment to promote employees for exceptional performance every year, UBA announced the promotion of almost 1,500 employees across Africa in March 2023, and about 1,000 employees were promoted in 2022.
“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,” said UBA’s group managing director/chief executive officer, Oliver Alawuba, who made the announcement. As an organization committed to our employees’ well-being, I am glad to inform you that the Board of Directors of UBA Plc has approved a Welfare Allowance for all employees.”
Alawuba added that the decision to change the staff’s remuneration package indicates UBA’s ongoing commitment to keeping its employees’ standard of living at a level appropriate with existing economic realities.
“This move will serve to alleviate financial burdens faced by our staff and their families, reinforcing the bank’s position as a responsible and caring employer,” he said.
He took time to thank the staff for their efforts, dedication, and hard work, which has been the foundation of the bank’s success, noting that the bank recognizes the critical role played by its workforce in navigating challenges and ensuring the institution’s continued growth.
“I sincerely thank you for your dedication to our corporate goals and adherence to our core values, as evidenced by our outstanding half-year 2023 results.” We hope to raise employee morale and establish a congenial and fulfilling work environment that allows employees to thrive both personally and professionally by improving staff welfare,” the GMD noted.
United Bank for Africa is one of the largest employers in the African financial sector, employing 25,000 people and serving over 35 million customers globally. UBA provides retail, commercial, and institutional banking services in 20 African nations as well as the United Kingdom, the United States of America, France, and the United Arab Emirates. It is a leader in financial inclusion and implements cutting-edge technology.
