Citing inflation, US Bank raises minimum wage to $20 an hour

Less than three months after announcing a minimum base rate increase, US Bank says it is increasing wages again.

The Minneapolis-based company says later this year, all employees in the United States and Canada will now make at least $20 an hour, including employees who move to US Bank from MUFG Union Bank after it is acquired, as well as those who work at the front-line branch, call center and operations center in the United States.

US Bank says the raise comes after employees brought up concerns regarding inflation and market dynamics.

In June, the bank’s minimum base rate was increased from $15 to $18 an hour.

Company officials also say employees who get a pay increase will continue to be eligible for merit increases during the first quarter of 2023.

According to the company’s latest announcement, employees will see an increase starting in early November.

Elcio Barcelos, the Chief Human Resources Officer for US Bank, issued the following prepared statement in a news release announcing the raise:

“We know that the current economic and inflationary environment is presenting challenges for many people – including our employees. 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.”

Elcio Barcelos