Union Bank Increases Workers’ Salary, Plans Bus Pick-up Service

By Aduragbemi Omiyale

A prominent financial institution in the country, Union Bank of Nigeria Plc, has announced an upward review of the salaries of its employees.

A statement from the company said this move was taken because of the rising cost of goods and services in the country caused by the removal of petrol subsidy by the federal government.

The lender further said it would introduce a bus pick-up service for its workers to convey them from various places to work so as to help them reduce transportation costs.

The bank said this comprehensive compensation strategy applies to full-time and contract staff and support staff, such as cleaners, drivers, and security guards.

It was gathered that the salary review is the second time this year and amounts to over 50 per cent, demonstrating Union Bank’s commitment to providing an enabling environment for its customers and dedicated employees.

The firm stated that these actions align with its core values, which prioritise customer and employee welfare.

The bank has a track record of impactful humanitarian interventions, such as the Union Bank Employee Volunteer Scheme and Union Cares program, which have provided relief to impoverished communities nationwide.

Additionally, the bank’s Save & Win Palli Promo, launched during the height of the COVID-19 pandemic in 2020, has been widely popular and has rewarded over 1,000 customers with over N100 million.

Lately, Nigerians have been experiencing severe economic hardship due to the recent FX policy and subsidy removal. The economic challenges arising from the opening up of the foreign exchange market and the removal of petrol subsidies have resulted in soaring inflation and a significant drop in the value of the Naira against the Dollar.

This has led to skyrocketing fuel prices, affecting the costs of other essential commodities and services, including food items, transportation, education, and healthcare.

This increased economic burden falls on the citizens, significantly impacting their lives, leading to calls for the government to provide palliatives and policies to cushion the biting effects of the deteriorating economy.