Truist boosts hourly minimum wage to $22

Truist Financial Corp. has announced that it will boost its minimum U.S. hourly pay rate to $22 effective Oct. 1.

The new wage will impact approximately 14,000 Truist employees, including 81% in client-facing roles primarily within the company’s retail and small business banking businesses, the company said in a press release. Truist’s minimum wage previously ranged from $15-$18 per hour, based on geography.

“Truist strives to competitively compensate our teammates for the tremendous work they do for our clients and stakeholders, and we take a Total Rewards approach, including offering highly competitive wages, a robust wellness program, comprehensive benefits and an industry-leading 401(k) and pension program,” Kimberly Moore-Wright, chief teammate officer and head of enterprise diversity, said in a statement.

The increase is the company’s latest investment in employees across the organization, the company said, and “positions Truist among the highest in the industry for minimum wage.”

Truist’s minimum wage, along with its broader Total Rewards program, is reviewed annually.

Headquartered in Charlotte, N.C., Truist Financial Corp. was formed in December 2019 with the completion of the merger of equals BB&T and SunTrust banks. The company serves clients across the Mid-Atlantic and southeastern states, and operated 160 locations in Pennsylvania, including  in Berks, Chester, Delaware and Montgomery counties.

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