PITTSBURGH, Aug. 30, 2021 /PRNewswire/ — PNC Bank 여우 알바 announced it is raising the minimum wage to $18 an hour starting Nov. 22, 2021. The move will affect PNC Bank employees both in the legacy markets and those from BBVA USA who converted to PNC in October. The increase is the second hourly minimum wage increase in only 10 months, following the increase to $18 an hour for BMO Harris Banks base pay of $18 an hour in October 2021. Its minimum hourly wage is set to rise to $17 on May 1, 2019, and it will keep rising until it hits $20 an hour in 2021.
CHICAGO, July 11, 2022 /PRNewswire/ — BMO Harris Bank today announced that it is raising its minimum hourly compensation for full-time and part-time associates at branch locations and customer contact centers to $20 an hour effective August 7, 2022, as part of the banks continued commitment to employee financial wellness. Bank of America raised the Bank of America minimum wage to $20 per hour in March 2020, and the company said it would require all its U.S. suppliers to pay their employees who dedicate their work to the bank at least $15 an hour.
Bank of America said that over the years, it has routinely raised the minimum hourly rate, citing $4-an-hour increases above the minimum rate since 2010 – including a $15-an-hour raise two years ago. The increase by Bank of America boosts earnings for a significant share of its lowest-paid employees, and follows pay increases that began when the bank increased the base hourly wage to $15 in 2017, $17 in 2019, then $21 in 2021. The $25 per hour is a 25% raise over the current Bank of America minimum wage, translating into $41,600 a year in wages.
For employees making $40,000 or less in the U.S., the average increase in compensation has been $4,800 across wages and incentives. The increase affects both new hires and existing team members making less than the new base salary minimum for their positions. The raise benefits 22,000 full-time and part-time employees across the United States, the majority of whom are located in branches and customer service centers, and is on top of the cost of JPMorgan Chases comprehensive benefits package, which averages $12,000 for each employee over the age of 22.
That is an increase from $18 to $22 an hour, and is part of a sustained increase in the banks compensation, said a spokeswoman. The $18 per hour represents a 20% raise over its lowest wage level, more than twice as much as the $7.25 minimum wage nationwide.
The raise builds upon Bank of Americas history as an industry leader in setting the minimum pay for its U.S. hourly employees. Bank of America is one of the latest companies to announce an hourly minimum wage increase with some significant implications, and it earned some praise from U.S. lawmakers during its House Financial Services Committee hearing on Wednesday.
The latest bank to increase the lower end of the pay scale is Truist Financial, which said Wednesday that it would increase the minimum hourly pay of its American employees to $22 starting in October, compared with a previous range of $15 to $18. Banks that have raised the lower end of their pay scales over the last year include the $1.9 trillion-asset Wells Fargo, which raised the minimum wage earlier this year from $18 to $22. Wells Fargo & Co raised the minimum wage for hourly workers to $18-$ 22, depending on the location, late last year.
JPMorgan Chase, the nations largest bank by assets, also began informing JPMorgan Chase employees last month that its minimum wage will increase to $20-$25 per hour, depending on where workers are located. The hot labor market is pushing a number of major banks to increase their minimum wages, continuing a trend that is likely to lead many smaller competitors to raise their employee compensation. The nations largest banks, JPMorgan Chase & Co (JPM.N) Bank of America (BAC.N) Citigroup (C.N) Wells Fargo & Co and Goldman Sachs Group Inc (GS.N), all took steps in 2021 to increase pay for certain workers, with a handful raising spending forecasts this year.
The Biden administration is pushing a $15-an-hour national minimum wage, while McDonalds, Walmart, Starbucks and Amazon have also announced increases to McDonalds hourly wages. Full-time employees at U.S. banks, Bank of America, will now earn an annual salary at least $45,000, after raising wages. If Bank of America hits its salary goal three years from now, the hourly minimum wage would increase nearly $14–a 121% increase from 2010. Wells Fargo & Cos chief financial officer, Mike Santomassimo, said last week that the bank is projecting $500 million in increased wages and benefits-related costs for 2022, beyond normal levels of raises and compensation, partly as a result of those increases.