UBS revamps compensation scheme for 10,000 staff

INTERNATIONAL – UBS has reorganized its pay policy for 10,000 back-office workers, Switzerland’s biggest lender said on Monday, changing how their bonuses are calculated.

The staff — mainly working in functions like human resources, marketing and communication — will have their bonuses shifted from a variable scheme to a fixed percentage of their salary.

The move aimed to reduce uncertainty around compensation rather than to scale back the amount paid, the bank said.

1548437013421 - UBS revamps compensation scheme for 10,000 staff
UBS has reorganized its pay policy for 10,000 back-office workers, Switzerland’s biggest lender said on Monday. The staff — mainly working in functions like human resources, marketing and communication — will have their bonuses shifted from a variable scheme to a fixed percentage of their salary.
  Photo: File

“While not guaranteed, variable compensation is anticipated to be around one-half of a month’s salary. In a good performance year for the group, variable compensation can be higher,” UBS said in a statement.

UBS said the new process, which would apply to bonuses paid this year, would “streamline” the process of calculating payments.

REUTERS 

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