EKEDC Board approves 20% Cost of Living Allowance for staff, effective July 2024
Oredola Adeola
Eko Electricity Distribution Company (EKEDC) has announced the approval of a 20% Cost of Living Adjustment (COLA) for all its staff, effective July 2024, fostering a supportive and rewarding work environment.
Babatunde Lasaki, EKEDC’s General Manager, Corporate Communications, made this known in a statement obtained by Advisors Reports on Monday.
According to the statement, the EKEDC’s Board of Directors approved adjustment, reflects the company’s commitment to the well-being and financial stability of its workforce amid the current economic realities.
Through the increment, EKEDC revealed the plan to support its staff in maintaining their quality of life and ensuring they can continue to deliver exceptional service to customers.
Dr Oritsedere Otubu, Chairman of the Board of Directors of EKEDC said, “Our employees are our greatest assets and their dedication to improving our service to customers is admirable.
“We are proud of their unwavering commitment towards achieving success and we are in turn committed to improving their welfare.
“This adjustment is well deserved and it is another call to continuous improvement as we work towards reaching our goal of a safe, reliable, and uninterruptible power supply,” the Chairman of the Board of Directors of EKEDC noted.
Dr Otubu also called on other companies to do the same to lift their employees’ spirits during this challenging time as the economy recovers.
Mrs Rekhiat Momoh, Acting Chief Executive Officer, reacting to the adjustment, appreciated the Board of Directors for approving the adjustment, saying it will cushion the effects of inflation and other economic pressures on staff.
She further noted, “In these challenging times, we must support our employees who work tirelessly to serve our customers. This cost-of-living adjustment is a testament to our commitment to their welfare and our appreciation for their hard work”.
The 20% adjustment will be reflected in the next payroll cycle and applies to Senior Managers and below while 15% adjustment will apply to Principal Managers and above.