UBS will grant all its Swiss-based staff up to the level of mid-management a pay increase of 0.9 percent next year, according to an agreement between the bank and the staff representatives. The bank sent its staff a letter that was made available to finews.com.

The agreement covers staff in the ranks of employee, authorized officer and associate director and the increase will become effective March 1, 2021.

No Job Cuts

The increase is slightly lower than the one agreed a year ago, when UBS decided to grant a rise of 1 percent. The Swiss Bank Employee Association earlier this month had urged the industry to grant an increase of 1.8 percent plus a one-off corona-bonus of 900 francs for all.

UBS has already granted lower-ranking staff across all its divisions and markets a week's pay to thank them for their efforts during the corona-crisis. Chairman Axel Weber furthermore had confirmed that the bank will currently avoid any job cuts.