More Companies Boosting their Minimum Wages

It’s about time.

Now that 2018 is here and the job market is tighter than ever, employers are finally waking up to the fact that they have to increase Wages in order to recruit the people they need. Or is it?

Berkshire Hills Bancorp, Inc., the parent of Berkshire Bank which has branches in western Massachusetts, just announced additional investments in its employees and communities following the recent passage of federal tax reform legislation.

These investments include:

  • Raising Berkshire’s minimum wage to $15 per hour.
  • Providing a special, one-time bonus of $1000 to over 1000 employees. This grant benefits all fulltime employees below a certain compensation threshold, covering over 70% of the Bank’s workforce, and augments the special $500 holiday bonus these colleagues received in the fourth quarter.

Other banks are in the news as well.

Comerica Incorporated announced its plan to further invest in its colleagues by increasing its minimum wage to $15 per hour, effective Jan. 5, 2018, and paying approximately 4,500 non-officer colleagues (more than half of its colleague population) a one-time bonus of $1,000 in January 2018.

Isn’t it kind of strange that all these are banks? And that they all claim they are doing it because of the new tax laws? What about the fact that the supply of labor is at all time lows?

Whatever the answer, it’s a good sign for American workers. Like we said, it’s about time.


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