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UBS gives extra week's pay to lower-ranking employees amid COVID-19 pandemic

The bank also said it had modified its bonus policy so that eligible employees who wanted to make a career change under the strains and uncertainty of COVID-19

twitter-logoReuters | October 20, 2020 | Updated 14:37 IST
UBS gives extra week's pay to lower-ranking employees amid COVID-19 pandemic

UBS is giving lower-ranking employees an extra week's pay this year in light of the COVID-19 pandemic and adding a financial softener for employees looking to exit finance, the world's largest wealth manager said on Tuesday.

"As a sign of appreciation for their contribution throughout this challenging year, and acknowledging that the pandemic may have resulted in unexpected financial impact, the Group Executive Board has decided to award UBS's employees at less senior ranks with a one-time cash payment equivalent to one week's salary," the Swiss bank said in a statement announcing its third-quarter results, adding the measure would add roughly $30 million in expenses in the fourth quarter.

The bank also said it had modified its bonus policy so that eligible employees who wanted to make a career change under the strains and uncertainty of COVID-19, would be able to retain more deferred compensation than previously.

The new policy, instated in the third quarter, applied to voluntary leavers, excluding executives, it said.

Also read: Unemployment rate in urban areas drops to 8.4% in Q2FY20, shows latest govt data

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