By: Ken Chase.
In June 2022, U.S. Bank increased its employee base pay rate from $15 per hour to $18. Last week, the Minneapolis-based bank announced that it will be hiking that base pay even further later this year, with an increase to a new $20 per hour minimum wage. The new pay scale will be in effect for employees in the company’s U.S. and Canadian offices.
In an August 24 blog post announcing the wage hike, the company also confirmed that its salaried and hourly employees will all receive a base pay increase of 3%, so employees who are already making more than the current minimum pay will also enjoy an increase in compensation. According to U.S. Bank chief human resources officer ElcioBarcelos, the move is designed to help employees deal with current economic and inflationary pressures.
“It’s important that we retain and attract talented employees in this competitive job market, and these changes will have meaningful impact for thousands of our team members who are vital to our success and our customers’ success.”
The new rates are expected to go into effect in November and will impact about 35,000 workers in the company’s front-line branches, operation centers, and call centers. The announcement also confirmed that employees affected by the pay increase will “continue to be eligible for merit increases in the first quarter of 2023 as part of the annual compensation review process.”
According to U.S. Bank, the decision to increase the pay scale was prompted by feedback gathered during ongoing conversations with the company’s employees. Those conversations reportedly focused on how market dynamics and the current high rate of inflation is impacting their lives.
