In this news, we discuss the UBS gives employees COVID bonus of one week’s pay, softens career exit.
ZURICH (Reuters) – UBS UBSG.S is granting junior employees an extra week’s pay this year in light of the COVID-19 pandemic and adding a financial easer for employees looking to leave finance, the largest said on Tuesday wealth manager of the world.
“In appreciation for their contribution throughout this difficult year and recognizing that the pandemic may have had an unexpected financial impact, the Group Executive Board has decided to award UBS employees at lower levels a payment in cash equivalent to a week’s salary, ”the Swiss bank said in a statement announcing its third quarter results, adding that the measure would add about $ 30 million to spending in the fourth quarter.
The bank also said it had changed its bonus policy so that eligible employees who wanted to change careers under the strains and uncertainty of COVID-19 could keep more deferred compensation than before.
The new policy, introduced in the third quarter, applied to voluntary leavers, excluding executives, he said.
Reporting by Brenna Hughes Neghaiwi, editing by Louise Heavens
Original © Thomson Reuters