United Bank for Africa Plc has reaffirmed its commitment to prioritise the welfare of its employees and their families amid the current economic realities and its impact on living conditions.

According to a statement, the bank’s board of directors have announced the implementation of a cost-of-living adjustment for its staff effective immediately.

The bank said over the past few months, it had closely monitored the effect of the rising cost of living on its employees, and recognised the importance of addressing these challenges proactively.

It disclosed that the bank had previously implemented a cost of living adjustment for employees on October 1, 2021, and more recently on April 1, 2023.

It noted that the persistent economic challenges faced by employees and the broader society informed the unanimous decision to again implement another adjustment.

“Furthermore, 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,” it stated.

The Group Managing Director/Chief Executive Officer, UBA, Oliver Alawuba, 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 demonstrated 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.