UBS is to review the salaries of its employees and middle managers covered by the Agreement on Conditions of Employment for Bank Staff and to make individual adjustments effective 1 March 2007. The total payroll available will be increased by 2.5%. The adjustments will be made on an individual basis related to function and performance. All employees will also be eligible for inclusion in the performance and results-based bonus process.

The rise in the total payroll was agreed at this year's salary negotiations between employer representatives and the Employee Representation Committee in mid-October.

UBS and the Employee Representation Committee will continue in joint working groups the talks announced last autumn on various UBS HR policy issues.