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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 2009, UBS will increase the total payroll for its employees working in Switzerland by 2% up to and including middle management.

From 1 March, 2009, UBS will increase its total payroll by 2% for employees working in Switzerland and governed by the Agreement on Conditions of Employment for Bank Staff.

This measure applies to employees who achieve their performance targets, have not received any salary increases for the past two years or have a gross annual salary not exceeding CHF 70,000. UBS will also continue to make individual salary adjustments related to function and performance.

The increase in the total payroll and the principles governing its distribution were decided during negotiations between employer representatives and the Employee Representation Committee which took place at the end of October.

The outcome of these negotiations will not impact the compensatory review currently under way at UBS.