Investment bank group UBS is rewarding 25,000 junior employees globally with a bonus to thank them for their hard work during the Covid-19 (Coronavirus) pandemic.
The payment, which is equivalent to one week’s salary, will be paid to eligible employees in the fourth quarter, and will cost the organisation £30 million.
Currently, UBS has 95% of its 71,230 employees working from home and has been supporting them throughout the pandemic by offering flexibility so that they can manage their work-life balance. The organisation has no plans to return the majority of its employees to its offices until it believes it is safe to do so. It has also provided all employees with access to the Headspace mindfulness app to promote mental wellbeing during the pandemic.
UBS’ plans to restructure in March 2020 have also been put on hold for the foreseeable future and employees who invest in the organisation’s employee share purchase plan have been able to opt out in order to alleviate short-term cash flow pressures.
Sergio Ermotti, group chief executive officer at UBS, said: “Our third quarter results continue to demonstrate that our strategy is differentiating us as we continuously adapt and accelerate the pace of change. I am proud of the contributions all of our employees have made day in and day out over the years, particularly in the current challenging environment. Our ability to focus on clients and achieve such strong financial performance over the first nine months of this year speaks to this.”