VANGUARD
Lagos Building Investment Company, LBIC, has increased its staff transport allowance by 50 per cent effective from June 1, 2023, to offset the impact of fuel subsidy removal and rising costs of transportation.
Managing Director of BIC, Oluwatobiloba Lawal, who disclosed this on Tuesday, said the company decided to take a proactive step to support its staff members amid the recent removal of petroleum subsidies and the subsequent surge in transportation expenses across the country.
He stressed the agency’s commitment to the well-being and welfare of its employees, saying, “The 50 per cent increment in staff transport allowance is a recognition of the economic difficulties that have arisen due to the removal of fuel subsidies and LBIC being a responsible organisation has undertaken this measure to alleviate the financial burden faced by its valued workforce to ensure that employees can commute to work without undue strain on their finances”.
Lawal reiterated that LBIC would remain steadfast in its commitment to continuously explore additional measures that provide support to its workforce during the present challenging times. The management of LBIC will closely monitor the situation and respond accordingly to any further developments that may arise…
