Pittsburgh-based PNC Bank says it will increase its minimum pay rate from $15 to 18 per hour as of Nov. 22.
At $18 an hour, the minimum yearly pay for a full-time employee working 40 hours a week would be $37,440, compared to $31,200 for a full-time employee making $15 an hour.
The bank said the decision is intended to improve employee financial wellness, help PNC attract and retain talent and strengthen its position in the market.
“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 had 51,257 employees as of Dec. 31, including 27,621 full-time and 1,611 part-time employees in retail banking. Total compensation, which includes health care premium contributions and other factors, for the company’s median employee was $80,350 in 2020.
The bank declined to share details on how many Wisconsin employees would benefit from the shift. Companywide, more than 20,000 employees are expected to benefit from the change.
PNC has 27 branches in Wisconsin, including 17 in Milwaukee County. It ranked fifth in deposit market share across the five counties – Milwaukee, Waukesha, Washington, Ozaukee and Walworth – where it has a physical presence and ninth in the state as a whole, as of June 30, 2020.
“This isn’t just a responsible move for the bank,” said William S. Demchak, PNC’s chairman, president and chief executive officer. “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.”
PNC previously said it would raise its minimum wage to $15 by the end of 2018 after the signing of the Tax Cuts and Jobs Act of 2017.
