The United Bank for Africa Plc Board has approved a welfare allowance for every employee.
The decision was made to lessen the impact of the elimination of the fuel subsidy as workers adapted to the current economic difficulties.
According to the Bank’s press statement, the welfare allowance is effective right away. The bank has adopted a second salary boost in the last several months.
Nigerians (particularly employees) have seen a sharp rise in the cost of mobility as a result of increasing fuel prices since President Tinubu announced the withdrawal of fuel subsidies.
In addition, growing inflation has increased the price of living expenses such as rent, food, and other household goods.
The GMD/CEO of UBA, Oliver Alawuba, commented on the board’s decision saying: “We are aware of the effect that recent economic policy announcements have had on costs and your ability to make ends meet for your family and other necessities.
“I’m happy to let you know that the Board of UBA Plc has approved a Welfare Allowance for all employees since we place a high priority on the well-being of our employees as a company.”
He claimed that this action will help employees and their families lessen their financial responsibilities, enhancing the bank’s reputation as a trustworthy and compassionate employer.
“My sincere gratitude to you for your dedication to our company objectives and devotion to our basic values, as seen by our outstanding 2023 first-half performance.
“By improving employee welfare, we hope to raise morale among staff members and create a productive workplace that encourages growth on both a personal and professional level.”
