A BNY Mellon signal is seen on their headquarters in New York’s monetary district, January 19, 2011. REUTERS/Brendan McDermid/File Picture Purchase Licensing Rights
NEW YORK, Dec 1 (Reuters) – BNY Mellon (BK.N) will improve its minimal wage subsequent yr to $22.50 an hour from $20 and broaden psychological well being advantages for workers, the financial institution mentioned in an announcement on Friday.
The pay enhance takes impact in March and is the corporate’s third within the final three years.
The oldest U.S. financial institution is among the many largest lenders growing minimal compensation for staff. Financial institution of America (BAC.N) raised its minimal hourly wage to $23 in October, heading towards a aim of $25 by 2025.
BNY Mellon may even broaden its psychological well being advantages to cowl 12 remedy classes a yr, increasing from 5 presently.
“We wish our workers to really feel valued and know that they’re being compensated competitively,” mentioned Sharyn Jones, BNY Mellon’s world head of expertise. “It is necessary that we proceed to spend money on our tradition with the intention to appeal to and retain prime expertise.”
Reporting by Lananh Nguyen; Enhancing by Sharon Singleton
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