U.S. Bank to raise minimum wage to $20 starting in November
(ABC 6 News) – U.S. Bank, one of the largest banking institutions in the United States, announced a minimum base wage increase for employees.
The Minneapolis-based bank made the announcement last week, and said in a press release that all employees in the United States and Canada will make at least $20 per hour starting in November.
The announcement follows a minimum base wage increase from $15 to $18 that occurred in June.
“We know that the current economic and inflationary environment is presenting challenges for many people – including our employees,” said Elcio Barcelos, U.S. Bank chief human resources officer. “To address these pressures, we’re providing a 3% base pay increase for roughly 35,000 hourly and salaried employees and increasing our minimum base pay rate to $20 an hour.”
The increase will affect thousands of workers, including front-line branch, call center and operations center employees in the United States.
In addition, employees who receive a pay increase as a result of these changes will continue to be eligible for merit increases in the first quarter of 2023, according to the bank.
The bank says that the $20-an-hour minimum base pay rate also will apply to employees moving to U.S. Bank from MUFG Union Bank following the successful close of the acquisition, and as part of the transaction