The Board of United Bank for Africa (UBA) Plc has approved welfare allowance for all employees.
The decision was made to cushion the effect of the removal of fuel subsidy as employees adjust to prevailing economic challenges.
In the press release which was seen by Nairametrics, the Bank says that the welfare allowance takes effect immediately. This is the second pay rise the bank has implemented in a couple of months.
Fuel Subsidy Removal
Since President Tinubu announced the removal of fuel subsidies, Nigerians (especially employees) have witnessed a drastic increase in the cost of transportation due to higher fuel prices.
In addition to that, the rising inflation has also led to higher costs of living as prices of food, rent and other household commodities.
Welfare Allowance
Commenting on the decision made by the board, UBA’s GMD/CEO, 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.
- “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.
- “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.
Very ok