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UBS increases total payroll for employees governed by the Agreement on Conditions of Employment for Bank Staff

Zurich / Basel | | Media Releases Switzerland

As of 1 March 2010, UBS will increase the total payroll for its employees working in Switzerland by 1.2% up to and including middle management.

From 1 March 2010, UBS will increase the total payroll by 1.2% for employees working in Switzerland and governed by the Agreement on Conditions of Employment for Bank Staff (ACEBS).

As in previous years, salary adjustments will be made on an individual basis and will depend on the employee's role, performance and the market.

A general component is also included in the increase. Employees, whose salary is in the lower bracket and who performed well this year, will receive a salary increase of at least CHF 1,200.

The principles governing the distribution of the general salary increase were decided during negotiations between employer representatives and the Employee Representation Committee (ERC).

UBS did not support a requirement submitted by the ERC to shift a part of variable compensation to the base salary.