Banking organisation Barclays has increased its minimum hourly pay rate for more than 900 members of staff located in the United States as of March.
The new rate, which varies by location based on cost-of-living indices, has risen to at least $20.50 (£15.62) per hour from $17.00 (£12.95) per hour. The majority of employees who have benefitted from this work for Barclays US Consumer Bank.
Barclays’ Fair Pay report outlines the bank’s commitment to paying a living wage in every jurisdiction, and reviews progress and makes recommendations on an annual basis. The report states that paying people fairly is an essential element of the bank’s pay philosophy and it is committed to fairness and transparency in its approach to pay, from adopting simple structures for its lowest paid to how it aligns employee and executive director pay.
Richard Haworth, Barclays’ chief executive officer (CEO) for the Americas, said: “By investing in our people, we are investing in our ability to continue providing the best services to clients and customers. This new minimum rate demonstrates our continued commitment to maintaining our position as a market-leading employer in the US.”
Denny Nealon, CEO of Barclays US Consumer Bank, added: “Being an employer of choice and retaining top talent with competitive pay, robust benefits and career development opportunities is especially crucial as we look to significantly grow our footprint in the US.”
Earlier this year, Barclays introduced enhanced health and wellbeing benefits for its US-based employees, including new parental and family benefit schemes, access to benefits consultants, and other wellbeing improvement services.