PNC Financial Services Group said it will raise its hourly minimum wage to $ 18 an hour from $ 15, joining the ranks of firms increasing pay amid labor shortages.
The wage hike will take effect Nov. 22 and will affect staff from Banco Bilbao Vizcaya Argentaria SA who will join Pittsburgh-based PNC in October following its acquisition of the Spanish bank’s US business, according to a statement Monday. PNC said it will be the fifth-largest US bank after the purchase is complete, with more than $ 554 billion in assets.
“Our employees are our most precious resource, and by investing in them, we invest in our future,” Vicki Henn, executive vice president and chief human resources officer for PNC, said in the statement. “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.”
Companies including McDonald’s, Amazon.com, Chipotle Mexican Grill and Costco Wholesale have announced wage increases this year. Among finance and insurance companies, Bank of America announced in May it would bump its hourly rate to $ 25 an hour by 2025 from the current $ 20, and MetLife said earlier this month it’s raising its US minimum wage to $ 20 an hour from $ 15.
Read Also
- Trade balance has a surplus of US$ 10.3 billion in June Jul 1, 2021
- Hauts-de-Seine: Nearly 200,000 euros in luxury business stolen from the wife of Didier Drogba Nov 24, 2022
- OHL deletes the inheritance of Villar Mir from the name and is renamed OHLA Jul 6, 2021
- Eurojackpot draw today Friday 2 July 2021: the winning numbers Jul 2, 2021
- Boris Johnson pushes for energy company “windfall profits” tax to fund welfare May 27, 2022
- In Russia, the number of economic crimes increased by almost 10% Aug 19, 2021
- Acquisitive Seacoast buying two more Florida banks Aug 23, 2021
PNC had 51,257 employees as of December, close to 30,000 of whom are tied to its retail-banking business.