Pay Increase for Swiss-Based UBS Employees

UBS, Switzerland's biggest bank, decided how much more it will pay its Swiss-based employees next year – an increase pretty much in line with the one published by rival Credit Suisse last week.

UBS will pay its Swiss-based employees in 2016 an average 0.8 percent more than this year, the Zurich-based banking giant said in a statement on Monday. The increase applies to all employees up to the middle management level.

The increase will be awarded on an individual basis in accordance with performance, UBS added. The pay award was agreed upon in negotiations with employee associations and takes effect on March 1, 2016.

Credit Suisse, UBS' biggest rival last week published the pay increase it awarded its employees up to the assistant vice president level. With 0.75 percent, the agreement is marginally smaller than the one decided upon by UBS.


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