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UBS raises salaries for employees

Zurich / Basel | | Media Releases Switzerland

UBS will increase the total payroll for its employees in Switzerland, up to and including middle management, by 2%.

As of 1 March 2011, UBS will increase its total payroll for employees in Switzerland, up to and including middle management, by 2%. The salary adjustments are based on market, function and individual performance. Employees in the lower salary ranges will receive a pay raise of at least 1,500 Swiss francs, subject to them meeting the relevant performance criteria.

This result is the outcome of negotiations between employee and employer delegations together with representatives from the Swiss Association of Bank Employees, the Swiss Association of Commercial Employees and the Association of Bank Employers in Switzerland. As representatives of the Employee Representation Committee (ERC) and UBS could not agree on all points, external parties were called in to participate in the negotiations, as provided for in the Agreement on Conditions of Employment for Bank Staff (ACEBS).

The salary negotiations between employee and employer delegations, held at the end of every year, affect UBS employees in Switzerland covered by ACEBS.