Paul Heaberlin, September 4, 2022
Minneapolis-based U.S. Bank will raise the minimum wage for its employees to $20 an hour later this year.
In an announcement last week, the bank said all employees in the U.S. and Canada would make at least $20 an hour, effective in early November.
In June, U.S. Bank last increased its minimum wage from $15 an hour to $18 an hour, with the latest hike coming amid increasingly intense competition to hire workers.
The bank will also give a base pay increase of 3% to 35,000 hourly and salaried employees.
U.S. Bank, which NerdWallet ranks as the fifth largest bank in the country in terms of assets, cited inflation and other economic pressures as drivers in the decision.
“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, in a statement.
The change will impact workers including front-line branch, call center and operations center employees. Employees affected by the raise are still eligible for merit pay increases in early 2023, U.S. Bank says.