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U.S. Bank announced that effective later this year, all employees in the United States and Canada will make at least $20 per hour as part of the bank’s continued investment in its people and businesses. The announcement also follows a June minimum base rate increase from $15 to $18 an hour.

“We know that the current economic and inflationary environment is presenting challenges for many people – including our employees,” said Elcio Barcelos, U.S. Bank chief human resources officer. “To address these pressures, we’re providing a 3% base pay increase for roughly 35,000 hourly and salaried employees and increasing our minimum base pay rate to $20 an hour.”

The increase will boost the salaries of thousands of employees globally, including front-line branch, call center and operations center employees in the United States, starting in early November. In addition, employees who receive a pay increase as a result of these changes will continue to be eligible for merit increases in the first quarter of 2023 as part of the annual compensation review process.

“It’s important that we retain and attract talented employees in this competitive job market, and these changes will have meaningful impact for thousands of our team members who are vital to our success and our customers’ success,” said Barcelos.

The compensation changes follow conversations with employees about inflation and the market dynamics impacting many of them. 

The $20-an-hour minimum base pay rate also will apply to employees moving to U.S. Bank from MUFG Union Bank following the successful close of the acquisition, and as part of the transaction, U.S. Bank has committed to retaining all frontline MUFG Union Bank employees at its branches in California, Oregon and Washington.