(ABC4) – Another company is raising its minimum pay rate this year. This is the second national bank chain to announce an increase to its starting rate.
Starting November 22, 2021, PNC Bank says it will bring its minimum pay rate from $15 to $18 per hour – a 20% increase on the current rate. PNC employees in legacy markets and BBVA USA employees converting to PNC in October will be impacted.
PNC says in a Monday release that the “decision to proactively boost its pay rate is intended to enhance employees’ financial wellness,” in addition to helping attract and retain employees.
“Our employees are our most precious resource, and by investing in them, we invest in our future,” says Vicki Henn, executive vice president and chief human resources officer for PNC. “PNC’s success is dependent on the well-being of our employees, so it’s critical that we continue to offer a total rewards package that includes competitive benefits and pay, reflecting our long-term commitment to their well-being.”
In May, Bank of America announced it will increase its minimum hourly wage to $25 by 2025. In 2020, Bank of America bumped its minimum wage to $20 an hour. All of Bank of America’s U.S. vendors are now required to pay their employees dedicated to the bank at or above $15 an hour.
Numerous national chains have announced increases to their average wage this year.
Chipotle announced it is increasing the pay of its restaurant workers to an average of $15 per hour by the end of June. McDonald’s has announced it will raise the hourly wages for more than 36,500 employees by an average of 10%.
In February, Costco increased its starting wage to $16 an hour. The starting wage scale puts Costco above competitors, including Amazon, Target, and Best Buy, which have $15 minimum wages. Walmart’s starting pay is $11 an hour.