PNC Bank will bring its minimum pay rate from $15 to $18 per hour, beginning this fall.
The Pittsburgh-based bank with branches in the region said on Monday, Aug. 30, it will make the 20% increase from the bank’s current $15 minimum rate beginning Nov. 22.
The minimum pay rate increase will impact PNC employees in legacy markets and BBVA USA employees converting to PNC in October. PNC acquired BBVA USA earlier this year, a move which will make PNC the fifth largest U.S. bank, with more than $554 billion in assets and a presence in 48 of the largest U.S. markets.
The company’s decision to boost its pay rate is intended to enhance employees’ financial wellness; help PNC attract and retain the best talent; and ultimately strengthen the bank’s competitive position in the marketplace, the bank said.
“Our employees are our most precious resource, and by investing in them, we invest in our future,” said 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.”
PNC said its new minimum pay rate “further positions the company among the most competitive employers in the country.”
“This isn’t just a responsible move for the bank,” said William Demchak, PNC chair, president and CEO. “This increase allows us to make a positive difference, leveraging the power of our resources to help all move forward financially. Attracting and retaining highly engaged employees is critical to our continued growth and, in turn, creates a fantastic experience for our customers and the communities we serve.”