BNY Mellon’s minimum hourly salary rate for employees based in the U.S. is increasing from $16.50 to $18.00 per hour. This is nearly two and a half times the federal minimum wage of $7.25. Additionally, BNY Mellon will also provide the greater of a 3% salary increase or a salary raise to $20.00 to any U.S. employee earning between $18.00 – $20.00.
The effective date for these changes is December 1, 2021; new employment offers will also adhere to the $18.00 per hour minimum rate, starting immediately.
“Ensuring that our employees – our most important asset – are compensated competitively and fairly, is a priority for us,” said Jolen Anderson, Global Head of Human Resources at BNY Mellon. “Investing in each other’s success is core to our values and the way we work. We remain focused on enhancing the employee experience at BNY Mellon, helping our people thrive and grow their careers, and continue to attract best-in-class talent.”
The decision to increase minimum wage emphasizes the company’s focus on cultivating the talent and culture needed to pioneer a new generation of financial services. BNY Mellon has been acknowledged for its consistent commitment to employees, including three 2021 recognitions and a 100 percent score on the Human Rights Campaign Foundation’s Corporate Equality Index for the fourteenth year running.