Banks Announce Wage Hikes, Charitable Contributions Following Passage of Tax Reform
With the signing of the tax reform bill came a flurry of announcements from banks of all sizes about how they plan to pass on the savings they will see from corporate tax cuts to their employees, customers and communities:
- BB&T will raise its hourly minimum wage from $12 to $15 per hour effective Jan. 1; pay a one-time $1,200 bonus to 27,000 employees, and donate an additional $100 million to the bank’s philanthropic fund.
- SunTrust Banks will increase its minimum wage to $15 per hour; offer merit-based pay increases for certain other hourly employees; make one percent 401(k) contribution to retirement savings for all employees; give a $1,000 financial incentive for all employees who complete a financial fitness program.
- Fifth Third Bancorp will raise its hourly minimum wage to $15 an hour, and pay a one-time $1,000 bonus to 13,625 employees
- Community Trust Bancorp will pay employees a $1,000 bonus to non-executive full-time employees and $500 to part-time employees.