BNY has announced continued enhancements of employee benefits and compensation programs for 2025, including increased minimum wage, enhanced disability benefits and the expansion of the BK Shares employee equity grant.
BNY’s minimum hourly salary rate for employees based in the U.S. will increase from $22.50 to $25.00 per hour – over three times the federal minimum wage and up more than 50% since 2021. Taking effect March 1, 2025, this is the fourth time BNY raised its minimum wage in the past five years.
Additionally, for 2025, BNY’s short-term disability plan has been redesigned and improved to provide 100% of base pay for all employees, up to 26 weeks, from date of hire instead of based on length of service.
BNY is also building upon the success of the BK Shares program to offer ten shares of BNY stock to all eligible new employees for the third year in a row. Launched in December 2022, the BK Shares equity grant made all eligible employees stockholders, allowing them to share and participate in the company’s commercial success.
“Compensation, recognition and expansive health and wellbeing benefits continue to be part of BNY’s competitive advantage. We work hard to ensure BNY offers a holistic global total reward program for our employees,” said Shannon Hobbs, Chief People Officer. “We want talent to feel appropriately compensated and enjoy an industry-leading employee experience - and benefits are a part of that strategy. Our differentiated approach helps us continue to be a top talent destination and drive a sense of ownership across our teams.”
Over the course of the past year, BNY has made several other enhancements to employee benefits such as:
- Rolled out Spring Health – which provides personalized access to mental health support for employees and their families globally
- Introduced 16 weeks of fully-paid parental leave
- Health plan option with $0 premiums for U.S. employees earning less than $75,000 annually