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Salary increases at UBS

Zurich/Basel Media Switzerland

As of 1 March 2006, UBS will increase the total payroll for its employees and middle management working in Switzerland by 2%.

As in previous years, 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 2006. The total payroll available will be increased by 2%. As usual, 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. At these talks, which were characterized by a spirit of partnership, a decision was also taken to explore various UBS HR policy issues in joint working groups over the course of next year.