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UBS and social partners have agreed to renew the social plan

Zurich / Basel | | Media Releases Switzerland

UBS, together with its Employee Representation Committee (ERC), the Swiss Association of Bank Employees (SBPV) and the Swiss Association of Commercial Employees (KV Schweiz), has extended the social partnership agreement (SOVIA CH) for labor market Switzerland that was concluded in 2008.

By renewing the social plan in its existing form, UBS is reinforcing its commitment to social partnership in Switzerland. The social plan applies to employees in the Swiss labor market who are subject to the Agreement on Conditions of Employment for Bank Staff (ACEBS). As before, a supervisory committee, with all involved partners represented, will continue to ensure the implementation of and compliance with the agreement.

The existing social plan was agreed following the job cuts announced at UBS in spring 2008 and has been in effect since July of the same year. It was decided at that time to provide support and advisory services in the case of redundancies or restructuring at UBS. Those services remain unchanged and are in effect until December 31, 2011.

The goal of continuing the social plan is to support employees who are affected by reorganizations. This includes support in the form of vocational realignment and help with finding a new job within the company or elsewhere. The objective is still to avoid redundancies wherever possible and to keep staff employed.

Contacts

Swiss Association of
Bank Employees

Swiss Association of
Commercial Employees

UBS AG

Denise Chervet
+41-31-307 17 19

Barbara Gisi
+41-44-283 45 76

Media Relations
+41-44-234 85 00

Elli Planta, ERC
+41-61-288 20 13