Wells Fargo & Co. said it will boost the minimum wage it pays employees in most U.S. locations, with the announcement coming the week before its top leaders testify on Capitol Hill. The hourly pay will be based on employee location up to a maximum of $20 in the highest-cost markets and $15 at the lowest-cost markets. GET FOX BUSINESS ON THE GO BY CLICKING HERE.
An important part of this is ensuring we are doing our part to pay employees at a rate, which recognizes the difference in cost of living across the country,” said CEO Charlie Scharf. Earlier in the year, Wells Fargo also awarded Restricted Share Rights to 250,000 employees in recognition of their contributions and commitment to Wells Fargo and its customers and clients. node.dataset.value : node.getAttribute('data-value'); if (selectedValue) { for (var j = 0; j < node.options.length; j++) { if(node.options[j].value === selectedValue) { node.options[j].selected = 'selected';break;}}}}}, Do Not Sell My Personal Information (CA Residents Only).
The pay increases will take effect by the end of 2020. Wells Fargo is far from alone in boosting pay among lower-paid employees.
1 Up Over 1200% Year-To-Date, Pfizer Completes Combination Of Upjohn And Mylan; Viatris To Begin Trading On Nov. 17, [UPDATED] Russian Man Turns Tables on Bank, Changes Fine Print in Credit Card Agreement, Then Sues, Now Settles, Top EV Stocks To Watch in November 2020; 1 Set To Announce Earnings Today, State Street Says Vaccine News Adds to Bullish Story for Risky Assets. Effective Jan. 8, Wells Fargo is increasing its minimum hourly pay rate for U.S.-based employees to $13.50 – $17.00 an hour, depending on factors such as experience and geography. Wells Fargo is far from alone in boosting pay among lower-paid employees. I would like to receive Nasdaq communications related to Products, Industry News and Events.You can always change your preferences or unsubscribe and your contact information is covered by our Privacy Policy. #TradeTalks: What really matters to the market and economy for the remainder of November? “Our employees are our most valuable resource, and these pay increases are just one way we are investing in our people and ensuring that Wells Fargo continues to be a great place to work.”, The pay increase will affect 20,000 of the bank's U.S. employees. However, it increased the minimum hourly wage to $17 in May 2019, and will increase it to $20 now. The pay increases will take effect by the end of 2020. Mutual Fund and ETF data provided by Refinitiv Lipper. Astra-Oxford Vaccine Found Effective in Preventing Covid, Dow Average Tops 30,000, S&P 500 Jumps to Record: Markets Wrap, Astra Shot That Works Better in Small Doses Raises Questions, Sweden Sees No Signs So Far Herd Immunity Is Stopping Virus, Amazon’s $3,000 Signing Bonuses Irk Workers Who Got $10 Coupons, The change will increase pay for more than 20,000 workers, the bank.
The company made changes to its healthcare scheme to make it more affordable for employees at lower pay range, lowering or keeping premiums flat for about 70 percent of employees. All rights reserved. Chief Executive Officer Charlie Scharf is set to testify in front of the House Financial Services Committee next Tuesday. Wells Fargo Chair Betsy Duke and board member James Quigley will appear for their own hearing the following day.
"Our employees are our most valuable resource, and these pay increases are just one way we are investing in our people and ensuring that Wells Fargo continues to be a great place to work," said CEO Charlie Scharf. © 2020, Nasdaq, Inc. All Rights Reserved. This is a 12 percent increase from the company’s current minimum hourly rate. As a reference point, the federal minimum wage is $7.25. Wells Fargo has recently been investing in enhancing multiple compensation programs and employee benefit schemes, primarily for U.S.-based employees in the lower part of the pay range.
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