Wells Fargo is the latest bank to raise wages for its lowest-paid workers after Bank of America Corp. announced it in November 2019. Two years ago, the company had raised it to $15 per hour. Wells Fargo Chair Betsy Duke and board member James Quigley will appear for their own hearing the following day. Wells Fargo has recently been investing in enhancing multiple compensation programs and employee benefit schemes, primarily for U.S.-based employees in the lower part of the pay range. Wells Fargo is the latest bank to raise wages for its lowest-paid workers. “Companies have an obligation to help communities and employees reach their potential. The company says it wanted to issue the pay increase to better account for "the cost of living in each Wells Fargo market.". In a landmark measure in July 2019, the U.S. House of Representatives passed a bill raising the federal minimum hourly wage for U.S. workers to $15. “Companies have an obligation to … Employees working in the San Francisco or New York market will receive the high end of the range, $20 an hour, while employees in Charlotte, N.C., and Des Moines, Iowa, will receive the lower end of the margin, $16 an hour. Before it's here, it's on the Bloomberg Terminal. ©2020 FOX News Network, LLC. BlackRock's Fink: Biden the 'Voice of Reason' Markets Need, BlackRock's Harrison Says, 'I Still Want to Be Risk On', var dom1 = document.querySelector('#form1783 #field1');var field1 = new LiveValidation(dom1, {validMessage: "", onlyOnBlur: false, wait: 300});field1.add(Validate.Presence, {failureMessage:"This field is required"});field1.add(Validate.Format, {pattern: /^([^@\s]+)@((?:[-a-z0-9]+\. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges. A Wells Fargo & Co. bank branch in Moline, Illinois. Bank of America Corp. said last year that it would boost its minimum wage to $20 an hour by the end of this month. Committee Chair Maxine Waters has prodded other firms to boost their minimum wages. Astra-Oxford Vaccine Found Effective in Preventing Covid, Dow Average Tops 30,000, S&P 500 Jumps to Record: Markets Wrap, Astra Shot That Works Better in Small Doses Raises Questions, Sweden Sees No Signs So Far Herd Immunity Is Stopping Virus, Amazon’s $3,000 Signing Bonuses Irk Workers Who Got $10 Coupons, The change will increase pay for more than 20,000 workers, the bank. )+[a-z]{2,})$/i, failureMessage: "A valid email address is required"});var dom2 = document.querySelector('#form1783 #field2');var field2 = new LiveValidation(dom2, {validMessage: "", onlyOnBlur: false, wait: 300});field2.add(Validate.Presence, {failureMessage:"This field is required"});var dom11 = document.querySelector('#form1783 #field11');var field11 = new LiveValidation(dom11, {validMessage: "", onlyOnBlur: false, wait: 300});field11.add(Validate.Custom, {against: function(value) {return !value.match(/(telnet|ftp|https?):\/\/(?:[a-z0-9][a-z0-9-]{0,61}[a-z0-9]\.|[a-z0-9]\. Bank of America is going to implement its minimum wage of $20 … The pay increases will take effect by the end of 2020. node.dataset.value : node.getAttribute('data-value'); if (selectedValue) { for (var j = 0; j < node.options.length; j++) { if(node.options[j].value === selectedValue) { node.options[j].selected = 'selected';break;}}}}}, Do Not Sell My Personal Information (CA Residents Only). This is a 12 percent increase from the company’s current minimum hourly rate. Mutual Fund and ETF data provided by Refinitiv Lipper. The company made changes to its healthcare scheme to make it more affordable for employees at lower pay range, lowering or keeping premiums flat for about 70 percent of employees. Legal Statement. READ MORE ON FOX BUSINESS BY CLICKING HERE, Former Wells Fargo CEO banned for life from banking industry; Tinder makes dating safer, Regal Cinemas' owner Cineworld secures lifeline to stay afloat during pandemic, Tesla nabs $526B market cap for first time, leapfrogs Toyota, GM, Ford, Home buyers pivot back to urban cities, rural areas still hot, Here’s why drivers should get comprehensive car insurance, How to choose a high-yield savings account, Today's mortgage rates — one rate on an upswing | November 24, 2020, Today's mortgage refinance rates don't budge for fourth consecutive day | November 24, 2020, How to refinance a rental or investment property. #TradeTalks: What really matters to the market and economy for the remainder of November? The hourly increase takes into account the cost of living in each Wells Fargo market, like employees in New York or San Francisco receiving a rate of $20 per hour and employees in Charlotte or Des Moines receiving a rate $16 per hour. I would like to receive Nasdaq communications related to Products, Industry News and Events.You can always change your preferences or unsubscribe and your contact information is covered by our Privacy Policy. Morning Business Outlook: Former Wells Fargo CEO John Stumpf has been banned for life from the banking industry and must pay $17.5 million in fines; Tinder adds new features to protect people from dangerous dates and fake profiles. The hourly pay will be based on employee location up to a maximum of $20 in the highest-cost markets and $15 at the lowest-cost markets. However, it increased the minimum hourly wage to $17 in May 2019, and will increase it to $20 now. The pay increases will take effect by the end of 2020. Wells Fargo To Raise Minimum Hourly Pay For US Employees, Making A List Of The Best Growth Stocks To Buy Now? Wells Fargo is far from alone in boosting pay among lower-paid employees. This material may not be published, broadcast, rewritten, or redistributed. Effective Jan. 8, Wells Fargo is increasing its minimum hourly pay rate for U.S.-based employees to $13.50 – $17.00 an hour, depending on factors such as experience and geography. JPMorgan Chase & Co. in 2018 increased its minimum hourly pay to a range of $15 to $18. Wells Fargo is far from alone in boosting pay among lower-paid employees. The pay increases, which will take effect by the end of 2020, will impact more than 20,000 U.S.-based employees. nodes[i].dataset.subscription : nodes[i].getAttribute('data-subscription'); if(status ==='true') {nodes[i].checked = true;}}};var nodes = document.querySelectorAll('#form1783 select[data-value]'); if (nodes) { for (var i = 0; i < nodes.length; i++) { var node = nodes[i]; var selectedValue = node.dataset ? On average, the company pays 84 percent of the total annual healthcare premiums for its U.S.-based employees who earn less than $40,000 annually. 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