High Cost Of Living: Union Bank Raises Employee Compensation Twice

<h4>High Cost of Living<&sol;h4>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng">OpenLife Nigeria<&sol;a><&sol;strong> reports that it is no longer news that most Nigerians are experiencing severe economic hardship due to the recent FX policy and subsidy removal&period; 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&period; This has led to skyrocketing fuel prices&comma; affecting the costs of other essential commodities and services&comma; including food items&comma; transportation&comma; education&comma; and healthcare&period;<br &sol;>&NewLine;This increased economic burden falls on the citizens&period; It has significantly impacted the lives of Nigerians&comma; leading to calls for the government to provide palliatives and policies to cushion the biting effects of the deteriorating economy&period; As citizens continue to wait on the government to roll out relief packages for the public&comma; the private sector has swung into action&comma; taking up the gauntlet of easing the financial burdens of its workforce&period; Many organisations like Union Bank of Nigeria have taken swift action to ease the financial burdens its employees face&comma; representing a substantial portion of the Nigerian population&period; The bank has implemented a comprehensive compensation strategy&comma; which includes a notable upward salary review for all its staff&period; This salary increase applies to full-time and contract staff and support staff&comma; such as cleaners&comma; drivers&comma; and security guards&period;<br &sol;>&NewLine;The salary review&comma; which is the second time this year amounts to over 50&percnt;&comma; demonstrates Union Bank&&num;8217&semi;s commitment to providing an enabling environment for its customers and dedicated employees&period; In addition to the compensation review&comma; the bank will launch a bus pick-up service for all staff to alleviate the high cost of transportation&comma; showing its dedication to improving the overall well-being of its workforce&period;<br &sol;>&NewLine;Union Bank&&num;8217&semi;s actions align with its core values&comma; which prioritise customer and employee welfare&period; The bank has a track record of impactful humanitarian interventions&comma; such as the Union Bank Employee Volunteer Scheme and Union Cares program&comma; which have provided relief to impoverished communities nationwide&period; Additionally&comma; the bank&&num;8217&semi;s Save &amp&semi; Win Palli Promo&comma; launched during the height of the Covid pandemic in 2020&comma; has been widely popular and has rewarded over 1&comma;000 customers with over 100 million naira&period; The promo is set to return for its third season later this year&period;<br &sol;>&NewLine;While private sector organisations like Union Bank are taking proactive steps to support their employees during these trying times&comma; there is a need for the government at all levels &lpar;federal&comma; state&comma; and local&rpar; to step up and address the multidimensional poverty and crippling economic hardship faced by the people&period;<br &sol;>&NewLine;The commendable initiatives by Union Bank&comma; including the compensation review and transportation relief program&comma; should serve as a motivating example for the government to take urgent action&period; Implementing short-term relief measures and launching palliative programs will help address hunger&comma; job security&comma; transportation&comma; and minimum wage issues&period; These measures offer immediate assistance to the people and pave the way for long-term economic recovery&period;<br &sol;>&NewLine;As the months ahead remain critical&comma; Union Bank&&num;8217&semi;s proactive approach sets a precedent for responsible corporate citizenship&period; The bank&&num;8217&semi;s dedication to supporting its employees and impacted communities exemplifies how collaborative efforts can lead to a stronger and more resilient nation&period;<&sol;p>&NewLine;