PNC Bank

PNC to Increase Minimum Wage to $18 per Hour

PITTSBURGH – Starting in late November, PNC Bank will increase its minimum pay rate to $18 per hour, an increase of 20% from its current rate and more than double the federal minimum wage.

The change, which takes effect Nov. 22, will affect both current PNC employees and those joining from BBVA when the bank’s acquisition is finalized in October.

“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, in a statement. “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.” 

The decision is intended to improve employees’ financial wellness, attract and retain talent and “ultimately strengthen the bank’s competitive position in the marketplace,” the statement continued.

“This isn’t just a responsible move for the bank,” said President and CEO William S. Demchak. “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.”

Upon the completion of its acquisition of BBVA, PNC will be the fifth-largest bank in the country, with assets of $554 billion and a presence in 48 of the largest U.S. markets.

Published by The Business Journal, Youngstown, Ohio.