Minimum Wage Increased by Truist to $22
Truist Financial Corporation announced that as of October 1st, 2018, the minimum hourly wage in the United States will increase to $22. As part of a comprehensive Total Rewards programme for its teammates, this increase places Truist among the highest in the industry for minimum wage. It is the company’s most recent investment in key talent across the organization.
Kimberly Moore-Wright, chief teammate officer and head of enterprise diversity, said, “Truist strives to competitively compensate our teammates for the tremendous work they do for our clients and stakeholders. We take a Total Rewards approach, including offering highly competitive wages, a robust wellness programme, comprehensive benefits, and an industry-leading 401(k) and pension programme. “This crucial investment in our teammates reinforces the beneficial effects.”
Truist Financial Corporation
Previously, the minimum wage in Truist varied by region from $15 to $20 per hour. A total of 14,000 Truist employees will benefit from the improved pay, with 81 percent working in client-facing positions largely in the company’s retail and small business banking sectors.
In keeping with its goals, Truist reviews its minimum wage as well as its larger Total Rewards programme on an annual basis to make sure it is competitive in all of its markets and a top employer in the financial services sector.