Bank plans pay raises and bonuses after tax reform
A nationwide bank with a presence in the region plans to raise pay and provide bonuses and other benefits to its employees in 2018.
The PNC Financial Services Group Inc. — the Pittsburgh-based holding company for PNC Bank, which has several West Michigan branches — said it will invest “in its employee compensation and communities following the signing of the tax reform bill.”
“The tax reform law creates an opportunity to reward our employees who are working hard each day to serve our customers, build strong relationships in our communities and create long-term value for our shareholders,” said William Demchak, PNC chair, president and CEO.
“The board’s decision to recognize our employees and support our communities is reflective of our commitment to PNC’s success.”
- Employees participating in the defined benefit pension plan will receive an additional $1,500 to their pension accounts.
- Approximately 47,500 employees in the first quarter of 2018 will receive a $1,000 cash payment. This will impact all employees below a certain compensation band, or approximately 90 percent of PNC employees.
- The minimum pay rate will be raised to $15 an hour by the end of 2018, accelerating “a goal that has been underway for some time,” the company said.
- The bank will make a $200-million contribution to the PNC Foundation, which supports early childhood education through PNC’s Grow Up Great initiative.
The PNC Financial Services Group Inc. (NYSE: PNC) is a U.S. financial services institution that offers retail and business banking, including lending products; services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; and asset management.